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March 25th, 2020: SP-500 Chart Update

Posted by pugsma on March 25, 2020

12:10 pm EST:   The SP500 gaped up from 2447 to hit 2501, retreated to 2407 and rallied back into the 2450 area.

The primary (green) count is that minor 5 of major [5]-PC-C2 ended at 2192 has a major [5] ending diagonal.  The major [1]-P1-C3 wave should target the 2554 pivot area.  The move up to 2301 was minor 1 of major [1]-P1-C3.  The drop back to 2199 was minor 2 of major [1].   The move up to 2501 was the minor 3 wave.  The drop to 2407 was the minor 4 wave.  There should be one move up for minor 5 to the minor 5=1 target at 2516 to complete major [1].   It’s also possible that 2347 ended minor 3, 2360 was minor 4 and minor 5 topped today at 2501.  In either case once this major [1] wave up completes between 2501 and 2554, there will be a major [2] wave pull back to at least the 50%/62% Fib target of 2373/2347 to 2330/2309.  Note, the primary (green) wave count remains valid above the 2192 low.

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 (so far it hit 2501).  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] wave remains valid below the major [1] low of 2856.

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 Techncial Analysis

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