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):
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