February 16th, 2023: SP-500 Chart Update
Posted by pugsma on February 16, 2023
4:20 pm EST: The SP-500 gapped down from 4148 to 4114, dropped quicky to 4091, climbed back to 4136 (day’s high) and closed on the low at 4090.
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 an Inverse Head and Shoulders (IHS) measured move up to 4436 [4100+(4100-3764)].
- Chart Pattern (2-3-23): Potential back-test of 4100 area break-out underway.
- NYMO (2-9-23): The NYMO closed below -40 and below its lower BB for two consecutive days. This is a potential NYMO based, SP500 Buy signal.
- Chart Pattern (2-10-23): Potential Bull Flag between 4195 and 4061 with a target at 4329.
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) completed at 4195, where (3)=1.23(1) at 4193. The minute (4) pull-back likely ended at 4061, just below the 38% target of 4077 and near where c=a at 4069. The minute (5) wave up is underway that will target (5)=1.23(1) at 4369. Within minute (5), wave i-(5) reached 4160, wave ii=(5) hit 4095 and now wave iii-(5) is headed for the iii=1.62i target of 4255. Note: The primary (white/green) as labeled is valid above the minute (4) low at 4061.
- The alternate (blue) count is that the minute (4) of minor 3 wave is still ongoing headed to the 50% Fib retrace area near 4040. Note: The alternate (blue) count 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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