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February 7th, 2020: SP-500 Chart Update

Posted by pugsma on February 7, 2020

2:35 pm EST:   The SP-500 opened gap down hit 3325, bounced to 3341 and is trading below 3325 this afternoon.

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.  So far minor B has rallied to 3348 between, where C=A=3338 (flat) and where C=1.23A=3366 (expanded flat).   Assuming minor B is complete at 3348, the minor C down should be underway to the C=A target at 3225 or the C=1.62B target at 3149.   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.

Whether or not there is re-test of the 3215 support area (primary green) or not (alternate blue), the SP-500 is likely head above 3500 to as high as 3700 later this year.

Have a great weekend !

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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