April 7th, 2020: SP-500 Chart Update
Posted by pugsma on April 7, 2020
6:15 pm EST: The SP-500 opened gap up from 2663 to 2738, hit 2757, dropped to 2658 and closed near the low at 2659.
The primary (green/white) count is that minor 1 of major [1]-1-C3-SCV completed at 2637 (2641 orthodox high). The minor 2 wave played out as a flat wave at 2447, where (c)=1.62(a). The initial target for minor 3 was at 2723, where minor 3 = 0.62*minor 1, and was exceeded today at 2757. There is also a higher minor 3 target at 2794, where minor 3 = 0.78*minor 1. Once minor 3 completes, the 38%/50% Fib retrace for minor 4 is at 2662/2621 (basis minor at 2794 primary green) or 2639/2602 (basis minor 3 at 2757 alt blue). Once minor 4 completes, there will a minor 5 wave high to complete major [1] at an initial target 2856 as a Leading Diagonal (LD). Once complete, a Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is 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 1: On the 15-min chart, 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.
Note 2: The Leading Diagonal (LD) major [1] wave remains valid for minor 4 above the minor 2 low at 2447.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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