February 27th, 2020: SP-500 Chart Update
Posted by pugsma on February 27, 2020
5:00 pm EST: Only one chart (daily) required tonight and one level (2954) to watch going into tomorrow. A break below 2954 signals the Cycle 1 (C1) top at 3394.
The primary (green) count major [4]-P5-C1 must stop now at the 2977 low and hold the major [1] high of 2954 to remain valid. This would then allow the potential for a new all-high above 3394 for major [5]-P5-C1 later in the year. The major [5]=[1] target is 3584.
For the new alternate (red) count, the Cycle 1 (C1) top occurred at 3394 after a large major [4]-P5-C1 triangle consolidation during the summer of 2019 and a relentless major [5] wave up to just above triangle target of 3327. (Although it’s not really a new wave count, as I was showing this C1 count as the primary for most of Q4-2019, see the Dec 31st, 2019 SP-500 Daily Chart at the bottom.) Thus, the Cycle 2 (C2) wave to new lows below 2347 is underway, since the 3394 high. The 50%/62% Fibonacci target for C2 is at 2031/1703 (i.e retracing 50%/62% of the 10+ year C1 wave up form March of 2009). This rapid move down from 3394 to 2977 thus far is major [1] of PA-C2. Assuming major [1] ends here near the 2941 pivot area, that major [2] wave 50%/62% Fib targets are 3186/3236. Once major [2] completes, major waves [3],[4], and [5] with take the Primary A (PA) wave down to the 2347 low..
SP-500 Daily Chart (2-27-20):
SP-500 Daily Chart (12-31-19):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.