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January 24th, 2020: SP-500 Technical Analysis

Posted by pugsma on January 24, 2020

3:10 pm EST:   As forecast, the SP-500 price dropped to 3282 in late afternoon 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 area.

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 at 3302.  The minute (b) wave moved up to the 78% Fib at 3330.   Finally, the minute (c) wave lower is underway to a (c)=1.62(a) target at 3274 or (c)=2.62*(a) target at 3239.  Note the 23% Fib target for minor 4 is at 3229.

Have a great weekend !

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

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