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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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