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February 19th, 2020: SP-500 Chart Update

Posted by pugsma on February 19, 2020

4:50 pm EST:   The SP-500 opened gap up, hit at new all-time high at 3394 and closed at 3387.

The primary (green) wave count has the minor 5 of major [3]-P5-C1 wave up has been underway since the 3215 minor 4 low.  Minor 5 has made a new all-time high of 3394 thus far and this could be it or minor 5 could extend to the minor 5=0.62*minor 1 = 3400 target.  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 held the 23% Fib at 3353.  The minute (5)=(1) wave target is at 3409.   Once the major [3] wave completes between 3394 and 3409, 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 3500-3600.

The alternate (blue) wave count is that the move up from 3215 to 3394/3409 is only the minute (1) of minor 5 of major [3]-P5-C1.   Once minute (1) completes, the minute (2) wave pull-back should hold the 38%/50% Fib at 3330/3308.   Once minute (2) completes, minute waves (3), (4) and (5) will extend much higher than 3400.  The minor 5=1 target is 3514.  Also, there is major [3]=1.23[1] target at 3476.   This more bullish alternate (blue) wave count will still have a major [4] pull-back to the 23%/38% Fib area of 3333/3216 before major [5]-P5-C1 reaches the 3600-3700 level.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

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