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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:

7 Responses to “January 24th, 2020: SP-500 Technical Analysis”

  1. fiona1@mymts.net said

    TLT up to 219……. much lower interest ratesTMF (3xTLT)BA down to 261 unless you think the centre of gravity unimportant, which is the problem with the MAXUUP ($US) up to 36EUO down….may be the end…

    • rat8nine said

      Fiona1, I find this weekly chart of uup interesting, in that it appears to have backtested a potential breakout line, and if we were to see this as an ABC move up with A at 26, and B at 22.39, C=A around 28.20, and the size of the pattern projects to around 31.80. I’m honestly not sure what to make of this, as I’m no expert in currencies.

  2. rat8nine said

    Steve, for the green count, how do you determine the likelihood of five waves down for A as opposed to three?

    • pugsma said

      It’s always a matter of observation. And applying the W-Wave rules and guidelines.

      Major [2] was a simple minor A-B-C (5-3-5) correction. Major [4] is more likely to be complex correction like a minor W-X-Y (3-3-3) double zig-zag or minor A-B-C-D-E (3-3-3-3-3) triangle.

  3. R Swaim said

    Looks like we opened beneath the green 3258 at 3234, so watching for an opening bounce from 3229 per the blue.

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