April 2nd, 2020: SP500 Chart Update
Posted by pugsma on April 2, 2020
4:50 pm EST: The SP-500 opened flat from 2470, rose to 2533, dropped to 2467 and closed up at 2526.
The primary (green/white) count is that minor 1 of major [1]-1-C3-SCV completed at 2637. The minor 2 wave looks to be playing out as a flat wave. Minute (a) of minor 2 was the drop from 2637 to 2520. The minute (b) wave was move up from 2520 to 2641. The minute (c) wave completed 2447, where (c)=1.62(a) = 2451 and the 38% Fib target was 2470. The initial target for minor 3 is at 2723, where minor 3 = 0.62*minor 1. A 38% Fib retrace for minor 4 is at 2618 overlapping minor 1 at 2637. I’m looking for the major [1] wave up from 2192 to an initial target of 2856 to play out a possible leading diagonal. A leading diagonal will typically retrace to 50%/62%78% Fib, which at 2524/2444/2338 for the major [2] wave. Thus, I’m expecting the deep major [2] wave retrace to test the 2192 low later in May or early June.
Note: There is a Cup and Handle (C&H) on the 15-min chart with rim of the Cup at 2641, Handle drop to 2447 and target of 2835.
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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