January 27th, 2020: SP-500 Chart Update
Posted by pugsma on January 27, 2020
12:30 pm EST: The SP-500 price dropped to 3235 in morning 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 to 3212 support area.
The alternate (blue) wave count is looking for minor 4 of major [3]-P5-C1 wave lower to the 3258 pivot to 3212 support 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)=2.62*(a) target at 3239. Note the 23% Fib target for minor 4 is 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.