February 5th, 2020: SP-500 Chart Update
Posted by pugsma on February 5, 2020
3:40 pm EST: The SP-500 opened gap up and hit the all-time high of 3338.
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 (3-3-5) flat or expanded flat with the minor A wave completing at 3215. Minor B has rallied to 3338, where C=A. It’s possible minor B could rally as high as 3366, where C=1.23A, in an expanded flat. Once minor B completes, minor C down should get underway to the C=A target at 3215 to C=1.62B at 3167. 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 complete at 3215, which is between the 23%/38% Fib at 3229/3156. The minor 5 of major [3]-P5-C1 wave up is underway and 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). There are targets for the completion of minor 5 of major [5] between 3400 and 3514.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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