March 23rd, 2020: SP-500 Chart Update
Posted by pugsma on March 23, 2020
12:55 pm EST: The SP-500 opened gap down from 2304, hit 2192, and has bounced to 2255 by mid-day.
The Cycle 2 (C2) flat bottom is very close at hand.
The primary (green) wave is that the Cycle (C2) wave has been playing out as a 3-3-5 running flat since the September 2018 high at 2941 ended the Cycle 1 (C1) wave. The 3-wave drop from 2941 to 2347 in December 2018 was a Primary A (PA) wave. The 3-wave move up from 2347 to 3394 was a Primary B (PB) wave. The Primary C (PC) 5-wave drop from 3394 to 2192 (so far), has been typical of PC wave of a Cycle degree flat in that it’s been very fast. The major [5]-PC looks to be playing out as an ending diagonal with a major [5]=[1] target at 2173. Today’s low at 2192 could be the end of major [5]-PC or it could only be minor 3 of major [5]. Thus, there could still be a minor 4 bounce to 2366 pivot, then one more drop for minor 5 to 2173. Note, a break above 2467 will confirm the major [5]-PC-C2 low.
The alternate (blue) wave count slight variant to the primary (green) count, is that major [3]-PC-C2 ended at 2281 and major [4] ended at 2467. The major [5] wave lower is underway from 2467 with targets of [5]=0.62[1] =2133, [5]=0.78[1] = 2047 and major [5]=[1]=1926. The 50% Fibonacci retracement for the C1 bull market is at 2031. Note, a break above 2467 will confirm the major [5]-PC-C2 low.
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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