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March 12th, 2020: SP-500 Chart Udpate

Posted by pugsma on March 12, 2020

5:45 pm EST:  The SP-500 gapped down from 2741 to hit 2501, bounced to 2661 and then closed on the lows at 2479.

The bullish primary (green) wave count is that major P2-C3 that may have bottomed today near the 88% Fibonacci retracement of 2473.  There is room P2 to drop lower towards the December 2018 low at 2347, however for the primary (green) wave count to remain valid the P2 wave must hold above the 2347 C2 low from December 2018.

The bearish alternate (red) wave count is a C2 wave down to the 50%/62%/78% Fib (off C1 3394 high) at 2031/1703/1269.   The PA-C2 wave may have completed today a 2479 for could test a little lower toward the December 2018 low at 2347.  Once PA ends, the PB-C2 wave should bounce up to a 50%/62% Fib at 2937/3046 (basis PA at 2479).   Following the PB bounce, there will be another massive PC-C2 wave lower that will break below 2347.  The PC=PA target is 2022 (right below the 50% Fib target of 2031), the PC=1.38*PA target 1674 (right below the 62% Fib target of 1703) and the PC=1.62PA target is 1455 (right above the 78% Fib target of 1269).   The alternate (red) wave count remains valid below 3394.

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

SP-500 monthly chart:

SP500 Technical Analysis

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