February 3rd, 2020: SP-500 Chart Update
Posted by pugsma on February 3, 2020
3:10 pm EST: The SP-500 opened gap up, hit 3268 and closed at 3249. There was a positive divergence on the NYMO vs the SP500 price at the close on Friday, Jan 31rd vs Monday Jan 27th. Plus, the NYMO closed below -40 in oversold territory. These two condition often lead to a key bottom in the SP500 price (see the chart below).
The primary (green) wave count is looking for major [4]-P5-C1 wave lower to the 23%/38% Fib at 3196/3105. 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 to Y=1.62W at 3126. Once major [4] is complete, then major [5]-P5-C1 will back one more new high above 3338.
The alternate (blue) wave count has the minor 4 of major [3]-P5-C1 wave lower complete at 3215, which is between the 23%/38% Fib at 3229/3156. The minor 5 of major [3]-P5-C1 wave up should make a new all-time high above 3338.
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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