March 31st, 2020: SP-500 Chart Update
Posted by pugsma on March 31, 2020
6:05 pm EST: The SP500 gapped down from 2626 to hit 2592, moved up to 2641, dropped to 2571 and closed at 2584.
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 2641 was minor B. Next there would be a minor C wave drop that has target at least C=2.00*A = 2407. Note, the primary (green) wave count remains valid below the 2641.
The alternate (blue) count is that minor 4 of major [1]-P1-C2 ascending triangle that may have completed today 2571 (orthodox low 2520). The triangle measured move target for the minor 5 wave up is 2754 [2637+(2637-2520)]. 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 near 2742/2754, the major [2] wave should retrace to the 50%/62% Fib area of 2467/2401. Note, the alternate (blue) wave count remains valid for the ascending triangle as minute (e) of minor 4 remains above the minute (c) low of 2535.
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SP-500 5-min chart:
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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