February 14th, 2020: SP-500 Chart Update
Posted by pugsma on February 14, 2020
3:45 pm EST: The SP-500 opened flat and was range bound between 3366 and 3380.
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 3385 at 2.62 Fib extension of minute (1). Minute (4) wave is underway and should hold the 23% Fib at 3353. 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 3385 and 3400, 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 3348 to begin to confirm the major [3]-P5-C1 top and thus the major [4] wave down to the 3246/3145 area.
House Keeping: The US Markets are closed in observance of Presidents’ Day, Monday Feb 17th. The next blog post will be Tuesday, Feb 18th.
Happy Valentines Day! 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:
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