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February 24th, 2020: SP-500 Chart Update (Pre-market)

Posted by pugsma on February 24, 2020

8:25 am EST:  With the SP-500 set to open up gap down by 70 to 80 points to the 3259 pivot area, it’s clear that the major [4]-P5-C1 wave pull-back is underway.   I wanted to update the 15-min, 60-min and 4-hr charts wave counts showing the two possibilities.

For the primary (green) wave count this drop to the 3258 pivot to 3215 area would only be the minor A of major [4] wave.  There would be a 50%/62% Fib move back up to the 3304/3325 area for minor B before minor C drops the 38% Fib target for major [4] at 3141.

For the alternate (blue) wave count this drop to 3258 pivot to 3215 area would be all of major [4] at the 23% Fib target of 3241.   Note: minor C=2.62*minor A at 3236.

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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