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:
SP-500 60-min chart:
SP-500 4-hr chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.