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March 27th, 2020: SP-500 Technical Analysis

Posted by pugsma on March 27, 2020

5:30 pm EST:   The SP500 gapped down from 2630 to hit 2520, retraced 78% to 2616 and dropped to close at 2541.

The primary (green) count is that major [1] of P1-C3 completed at 2637.  The major [2] wave should retrace to the 50%/62% Fib area of 2415/2361.   The drop from 2637 to 2520 was minor A of major [2].  The rise to 2616 was minor B, a 78% Fib retrace.  The drop from 2616 is a minor C wave and should target at least C=1.62*A = 2426.    Note, the primary (green) wave count for major [2] remains valid below the 2637 major [1] level.

The alternate (blue) count is that minor 3 of major [1]-P1-C2 completed at 2637, near the minor 3 =4.23*minor 1 target of 2660.  The minor 4 wave pull-back to the 23% Fib at 2536/2471 is underway.  Next there should be a minor 5 wave up above 2637 towards the 2759 pivot.  There is a bullish inverse head and shoulders (IHS) pattern on the 15-min chart, with head at 2192, neckline at 2467 and a target of 2742 to complete major [1].   Once major [1] completes, the major [2] wave should retrace to the 50%/62% Fib area of 2467/2401.  Note, the alternate (blue) wave count for minor 4 remains valid above the 2301 minor 1 level.

Have safe and healthy weekend !

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 Technical Analysis

 
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