February 13th, 2020: Video Update on the SP-500
Posted by pugsma on February 13, 2020
2:00 pm EST: The SP-500 opened gap down to hit a 3361 and then broke to a new all-time high above 3381.
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.
It will take a break below 3318 to confirm the major [3]-P5-C1 top and thus the major [4] wave down to the 3200 area.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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