August 11th, 2022: SP-500 Chart Update
Posted by pugsma on August 11, 2022
6:30 pm EST: The SP-500 gapped up from 4210 to 4227, quickly hit 4258 (day’s high), then dropped the rest of the day to 4101 (day’s low) and closed at 4107.
Technical Indicators: Print SharpCharts from StockCharts.com
Wave Counts:- The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 likely completed at 4258, just below where minor 3=1.78*minor at 4272. The minor 4 retrace targets are at the 23%/38% Fibs of 4145 to 4055. Ultimately once the minor 4 completes, the minor 5 of major [1]-P3 wave should target the 4364 to 4454, where minor 5=minor 1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946. However, minor 4 should ideally hold the recent 4080 low, which is just above the 38% Fib at 4055.
- The alternate (blue) count is a slight variant of the primary (white/green) count that has the minor 4 of major [1] low at 4080 and the final minor 5 wave up likely completed at 4258, just below where minor 5=0.62*minor 1 at 4272. The major [2] wave down is underway and should target the 50% Fibs at 3948. Note: Breaking below the recent low at 4080, would likely confirm the major [2] wave is underway.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.