PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

February 4th, 2020: Video Update on SP-500 Charts

Posted by pugsma on February 4, 2020

4:50 pm EST:   The SP-500 opened gap up, hit 3307 and closed at 3298.

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 A-B-C (5-3-5) zig-zag with the minor A wave completing at 3215.  Minor B has rallied to 3307, near the 78% Fib at 3310.   Once minor B completes, minor C down should get underway to the C=A target at 3187 to C=1.62B at 3111.   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.   For minor 5, minute (1) hit 3368 and minute (2) dropped to 3244.   Minute (3) wave up is underway with a target of 3383, where (3)=2.62(1).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: