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March 24th, 2020: SP-500 15-min Chart Update

Posted by pugsma on March 24, 2020

10:20 pm EST:   The primary (green) count is that minor 5 of major [5]-PC-C2 ended at 2192 has a major [5] ending diagonal.   The move up to 2301 was minor 1 of major [1]-P1-C2.  The drop back to 2199 was minor 2 of major [1].   Now the move up to 2385 (thus far) is a minor 3 wave, that has a target of 2485, where minor 3=2.62*minor 1.  The minor 4 pull-back should be 23% to 2419.  Finally minor 5=1 at 2528 to major [1].

The alternate (blue) count is that minor 1 of major [5]-PC-C2 ended at 2192.  This move up is minor 2 wave that should retrace 62%/78% to 2363/2404.   There will be then be wave minor 3, 4 and 5 to a new low below 2192.  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 invalidate the alternate (blue) wave count and confirm the primary (green) major [5]-PC-C2 low at 2192.

SP-500 15-min chart (10:00 am EST):

SP500 Technical Analysis

 

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