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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

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