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February 12th, 2020: SP-500 Chart Update

Posted by pugsma on February 12, 2020

4:15 pm EST:   The SP-500 opened gap up to hit a 3381 new all-time high.

The primary (green) wave count has the minor 5 of major [3]-P5-C1 wave up is underway since the 3215 minor 4 low and it has made a new all-time high of 3381 thus far.   For minor 5, minute (1) hit 3268, minute (2) dropped to 3244 and minute (3) wave ended at 3348.  Minute (4) wave completed at 3318 and the minute (5)=1.62(1) wave target is at 3404.   The initial target for the completion of minor 5 of major [3] is at 3400, where minor 5 = 0.62*minor 1.  Once the major [3] wave completes between 3381 and 3404, there should be a significant major [4] wave pull-back to the 23%/38% Fib at 3246/3145.   Finally major [5]-P5-C1 should reach levels above 3400 to between 3500-3700.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


5 Responses to “February 12th, 2020: SP-500 Chart Update”

  1. sofiaquyentran said

    Is it still valid?

    • pugsma said

      Hi Sophia. I know that you are new here and technical analysis can be confusing at times. I try to be as clear as possible with my work.

      That said, this minor 5 of major [3]-P5-C1 wave up from 3215 to 3381 has been very strong. The NYSE A-D line cumulative has made a new high with the SP500. This is a confirming indicator for a strong impulsive wave higher. Until the SP500 breaks below the recent 3318 low, I’d suspect the minor 5 wave up is likely to continue to extend higher. There are near-term targets are 3400-3403.

      • pugsma said

        Also don’t get distracted by the news or post/pre-market ES futures.

        My technical analysis work ignores the news and never uses ES futures in the price charts.

  2. sri1961 said

    Thanks Steve

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