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January 21st, 2020: SP-500 Chart Update

Posted by pugsma on January 21, 2020

5:35 pm EST:  The SP-500 hit a new all-time high at 3330 today before closing down -10 points at 3320.

The cluster of wave count targets between 3327 and 3340 are near, as are the upper trend lines on the 60-min and 4-hr charts.

Primary (green):  Major [3]=[1] target of 3336 of P5-C1.

Alternate (blue):  Minor 3 =1.62*minor 1 target of 3340 of major [3]-P5-C1.

Alternate (red):   Triangle target upper value of 3327 for the completion major [5]-P5-C1 (cycle degree top).

As can be seen on the 4-hr chart, the size of the next pull-back will determine which wave count is correct.  The primary (green) wave count is looking for a major [4] wave pullback to the 23%/38% Fib at 3196/3105.  While the alternate (blue) is only looking for a minor 4 wave pull-back to the 23% Fib at 3229.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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