January 31st, 2020: SP-500 Chart Update
Posted by pugsma on January 31, 2020
7:45 pm EST: The SP-500 opened gap down, hit 3214 and closed at 3225.
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. Minor Y down is underway to the Y=W target at 3190. Within minor Y, minute (c)=1.62(a)=3205. Once major [4] is complete, then major [5]-P5-C1 will back one more new high above 3338.
The alternate (blue) wave count is looking for the minor 4 of major [3]-P5-C1 wave lower to the 3205 to 3190 area, which is between the 23%/38% Fib at 3229/3156. After minor 4 complete, then minor 5 of major [3]-P5-C1 wave up should make a new all-time high above 3338.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-600 4-hr chart:
SP-500 daily chart:
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