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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.