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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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