March 3rd, 2020: SP-500 Chart Update
Posted by pugsma on March 3, 2020
5:10 pm EST: The SP-500 price opened gap down hit 3050, then rally to 3137 before falling to a 2977 low and closing at 3003.
The bullish primary (green) wave count is major [1]-P3-C3 is underway toward the 3400 area. Within major [1], minor 1 hit 3137 and now minor 2 retraced the typical 62% Fib (2963) to 2977. The minor 3=1.62*minor 1 target is 3332. Keep in mind that P3-C3 impulse wave that will move far beyond the 3394 high to a target area near 4552, where P3=1.62P1. This primary (green) wave count remains valid above the P2-C3 2856 low.
The alternate (blue) wave count is that P2-C3 is still unfolding and the drop from 3994 to 2856 has only major [A]-P2-C3. Thus, the move up to 3137 is a major [B]-P2-C1 wave that targeted the 50%/62% Fib area at 3125/3190. The major [C] wave drop to new lows below 2856 is underway from 3137. The 62%/78% Fib target for the completion of major [C]-P2 is at the 2745/2577 area (50-month SMA support at 2605). Also the major [C]=0.62[A] target is 2803 and the major [C]=[A] target is 2599. This alternate (blue) wave count remains valid above the 2347 Cycle 2 low.
The very bearish alternate (red) wave count is that the Cycle 1 (C1) of Super Cycle V (SC-V) topped at 3394 and the move down to 2856 is the Primary A (PA) of Cycle 2 (C2). The PB wave bounced higher to 3137 right at the typical 50%/62% Fib 3125/3190 area. The massive PC wave lower is underway, will break below 2347 and should reach the typical 50%/62% Fib target area of 2031/1703 to complete the C2 wave. This alternate (red) count would become invalid on a break above the 3394 high.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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