January 3rd, 2020: SP-500 Chart Update
Posted by pugsma on January 3, 2020
4:40 pm EST: The SP-500 dropped from 3258 to 3222 at the open and closed at 3235.
The primary (green) wave count is that major [5]-P5-C1 it playing out to triangle target of 3253 to 3327. Yesterday on January 2nd, the SP-500 closed at 3258, satisfying the minimum major [4] triangle target for the major [5] wave. This could be the C1 top at 3258 or there couple still be another push up towards the 3300 area. It will take a break below, 3212 and then 3150 to begin to confirm the major [5]-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. For the major [3] wave, the minute (5) of minor 5 wave has been underway since the recent 3212 low. The move up from 3212 to 3258 is wave i-(5) and today’s drop to 3222 is wave ii-(5). There should be waves iii-(5) and wave v-(5) up yet to come to reach the 3336 target in the next couple of weeks. This alternate (blue) count should continue higher for much of 2020 and maybe even into 2021 before reach the P5-C1 cycle top. A preliminary target for the alternate (blue) C1 top is the 3500 to 3600 area.
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:
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