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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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