March 30th, 2020: SP-500 Chart Update
Posted by pugsma on March 30, 2020
4:55 pm EST: The SP500 gapped up from 2541 to hit 2632 and closed at 2627.
With the move to 2632 today, it’s highly likely that the alternate (blue) blue wave count is the correct one. However, as per my long standing protocol I don’t remove the primary (green) count until it’s been invalidated, which will occur above 2637.
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 2632 was minor B. Next there would be a minor C wave drop that has target at least C=1.62*A = 2442. Note, the primary (green) wave count remains valid below the 2637.
The alternate (blue) count is that minor 4 of major [1]-P1-C2 completed at 2535 (23% Fib), as a flat wave. The minor 5 wave up is underway 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.
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SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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