March 24th, 2020: SP-500 Chart Update
Posted by pugsma on March 24, 2020
10:20 pm EST: The SP500 gaped up from 2237 to hit 2437 mid-day, retreated to 2360 and rallied to close at 2447.
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-C3. The drop back to 2199 was minor 2 of major [1]. Now the move up to 2449 (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 the major [4]-PC-C2 wave is playing out as a 3-3-5 flat. Major [3] ended at 2281. Minor A of major [4] complete at 2467 and minor B at 2192. Now minor C is headed for C=1.62*A target of 2493. The 23%/38% Fib for major [4] is at 2478/2606. Once the major [4] completes, there will be major [5] down that drops below 2192. The major [5] targets based of major [4] at 2467 (thus far) are [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, the major [4] remains valid below the major [1] low of 2856.
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:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.