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January 30th, 2020: SP-500 Chart Update

Posted by pugsma on January 30, 2020

4:50 pm EST:  The SP-500 opened down, hit the 88% Fib of the recent advance at 3243 and closed up at 3283.

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] looks to be playing out as a minor W-X-Y (3-3-3) double zig-zag with the minor W wave completing at 3235.  Minor X has rallied to 2393 between the 50%/62% Fib at 3287/3299, but minor X might not be finished and could rally up to the 78%/88% Fib at 3315/3325.    After minor X completes, next should be a minor Y wave lower to Y=W target at 3190.  A break below 3235 will confirm the primary (green) count.

The alternate (blue) wave count completed the minor 4 of major [3]-P5-C1 wave lower at 3235, which was right near the 23% Fib at 3229.  Minor 5 of major [3]-P5-C1 wave up should now be underway.   The first minute (1) of minor 5 wave completed at 3292 and today completed at 88% Fib retrace for minute (2) to 3243.  Wave minute (3) of minor 5 should be underway and will make a new high above 3338.  The minute (3)=2.62*(1) target is at 3395.   A break above 3338 will confirm the alternate (blue) count.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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