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January 2nd, 2020: SP-500 Chart Update

Posted by pugsma on January 2, 2020

1:00 pm EST:   As expected the SP-500 price moved to a new all-time high above 3248 today.

The primary (green) wave count is that major [5]-P5-C1 is playing out to the major [4] triangle target at 3253 to 3327.  Within the major [5] wave up form the 2856 major [4] triangle low, we have minor 3 completed at 3154 and minor 4 at 3070.  The minor 5 wave began from 3070.  Wave minute (3) reached 3248, near where (3)=1.62(1)=3257.  The wave minute (4) pull-back ended at 3212.  The final minute (5) push up above 3248 is underway to complete the minor 5 of major [5]-P5-C1 cycle top.  Basis the wave (4) low at 3212 the wave (5)=(1) target is at 3293.  It will take a break below 3150 to begin to confirm the P5-C1 top.

The alternate (blue) wave count is major [3]-P5-C1 has been under way since the major [2] low at 2729 low.   The minimum target for the major [3] wave termination is at the [3]=[1] = 3336 and of course it could extend much higher to a major [3]=1.62[1] target at 3712.  This alternate (blue) count should continue higher for much of 2020 and maybe even into 2021 before reach the P5-C1 cycle top.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analylsis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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