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January 23rd, 2020: SP-500 Chart Update

Posted by pugsma on January 23, 2020

2:50 pm EST:   The SP-500 price dropped to 3302 in early trading.

The primary (green) wave count is looking for major [4]-P5-C1 wave lower to at least the 23% Fib at 3196.  The major [4] should play out as a minor A-B-C with the minor A wave targeting the 3258 pivot arear.

The alternate (blue) wave count is looking for minor 4 of major [3]-P5-C1 wave lower to at least the 3258 pivot area.   The minute (a) of minor 4 wave likely completed today at 3302.  Now a minute (b) wave has moved up to the 62% Fib at 3324.   Finally, there should be a minute (c) wave lower to a (c)=1.62(a) target at 3266.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 

5 Responses to “January 23rd, 2020: SP-500 Chart Update”

  1. Dinesh Murgai said

    is this still valid?

  2. rat8nine said

    on this gap open spy has a rt to .886 = 332.55 of the Wednesday high at 332.53
    qqq external rt at 225.88, where 1.27 = 225.81

  3. R Swaim said

    UNG may be making a bottom for at least a short term rally.

  4. pugsma said

    Getting close to the alt blue minor 4 target of 3258 pivot.

    Remember key lows rarely occur on a Friday.

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