March 6th, 2020: SP-500 Chart Update
Posted by pugsma on March 6, 2020
11:10 am EST: The SP-500 price opened gap down to hit 2915 and has so far rebounded to 2978.
The bullish primary (green) wave count is major [1]-P3-C3 is underway toward the 3394 area. Within major [1], minor 1 hit 3137 and the minor 2 retraced to 2915 near the 78%/88% Fib (2918/2890). The minor 3=1.62*minor 1 target is 3370. The minor 4 wave 23% Fib is at 3265 and the final minor 5 push up should reach 3394. 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. This move up from 2856 is a major [B] wave that has targeted the 50% Fib area at 3125 (so far reached 3137). The major [B] looks like it could be playing out a contracting triangle. Within the major [B] wave, the minor A wave reached 3137, the minor B wave dropped to 2977, the minor C wave up ended at 3130 and the minor D wave dropped to 3000. The minor E up end at 3030 to complete major [B] triangle. The major [C] wave will drop to a new low below 2856 with the triangle target of 2817. The 62%/78% Fib target for the completion of major [C]-P2 is at the 2745/2577 area (50-month SMA support at 2605). 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 bounce higher is underway and should reach the typical 62% Fib 3190 area. Major [A] of PB hit 3137 and so far major [B] dropped to 2915. The next move should be a major [C] wave up that will target the major [C]=[A] level at 3196. Once the PB wave up completes, the massive PC wave lower 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.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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