Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

February 21st, 2020: Video Update on the SP-500 Charts

Posted by pugsma on February 21, 2020

3:20 pm EST:   The SP-500 opened gap down from 3374 and dropped to 3328 so far…

The primary (green) wave count has the minor 5 of major [3]-P5-C1 wave top at 3394 and the major [4] wave down to the 23%/38% Fib at 3241/3141 underway.   The drop from 3394 to 3328 is minor A of major [4].   Next should be a minor B up to a 50%/62% Fib at 3361/3369.   After minor B complete, a minor C wave drop to C=1.62*A target would take the SP500 top 3255, 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 3328, which is at the 38%/50% Fib of 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.

Enjoy the weekend !

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: