February 20th, 2020: SP-500 Chart Update
Posted by pugsma on February 20, 2020
5:15 pm EST: The SP-500 opened gap down from 3386, dropped to 3341 and rallied to close at 3373.
Note: NYMO and NYSE A-D cumulative both closed positive today, with the SP-500 down 13 points. This is potentially bullish short-term and points more toward the alternate (blue) wave count.
The primary (green) wave count has the minor 5 of major [3]-P5-C1 wave topped at 3394. The major [4] wave down to the 23%/38% Fib at 3241/3141 is underway. The drop from 3394 to 3341 is minor A of major [4]. The rally to 3374 thus far is minor B of major [4]. The minor B 62%/78% Fibs are at 3374/3382. Next a minor C wave drop to C=2.62*A target would take the SP500 top 3235, right near the 23% Fib at 3241 and the wave 4 of previous degree (minor 4 of major [3] at 3215). Once the major [4] wave pull-back to the 23%/38% Fib at 3246/3145 completes, the major [5]-P5-C1 wave should reach levels above 3394 at levels between 3500-3600.
The alternate (blue) wave count is that the move up from 3215 to 3385 is only the minute (1) of minor 5 of major [3]-P5-C1. The minute (2) wave pull-back played out as an expanded flat to 3357, 3394 and finally to 3341, which is just above the 38%/50% Fib at 3330/3308. The minute waves (3), (4) and (5) or minor 5 of major [3] will extend much higher than 3394. 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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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