February 6th, 2023: SP-500 Chart Update
Posted by pugsma on February 6, 2023
2:55 pm EST: The SP-500 gapped down from 4136 to 4119, dropped to 4093, climbed to 4125 and traded sideways above 4105…
P2-C3 Price and Time Fibonacci Targets: The P1-C3 bull wave rose from 2192 to 4819 and lasted from end of March 2020 to beginning of January 2022 (21 months). Target for P2-C3: 50% Fib of Price and Time is at 3505 and 10.5 months (mid-Oct to mid-Nov 2022). (Primary count P2-C3 low at 3492 on Oct 13th, 2022).
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern (2-1-23): The SP-500 broke above 4100 trigging a measured move up to 4436 [4100+(4100-3764)].
- Chart Pattern (2-3-23): Potential back-test of 4100 area break-out underway.
Wave Count:
- The primary (white/green) wave count is the completion of minor 1 of major [1]-P3-C3 as a leading diagonal at 4100, where minute (5)>(3)>(1). The minor 2 wave completed at 3764 just below the 50% Fib of 3796. The minor 3 wave up is underway with a minimum target of minor 3 = minor 1 at 4372. Within minor 3, the minute (1) of minor 3 wave ended at 4015. The minute (2) wave pull-back completed at 3885 near the 50% Fib of 3889. The minute (3) look to have ended at 4193, where (3)=1.23(1) at 4193. The minute (4) pull-back (which has hit 4093 thus far) is underway with a 23%/38% target range of 4123 to 4077. Once minute (4) completes the minute (5) should break above 4195. The (5)=(1) target is 4344 basis minute (4) completing at 4093. Note: The primary (white/green) as labeled is valid above the minute (1) high at 4015.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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