April 8th, 2020: SP-500 Chart Update
Posted by pugsma on April 8, 2020
4:50 pm EST: The SP-500 opened gap up from 2659 to 2685, hit 2696, dropped to 2663 and closed near the high (2761) at 2749.
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 minor 3 wave has reached 2761 and has a 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 3 at 2794). Once minor 4 completes, there will a final minor 5 wave higher to complete major [1] at an initial target 2856 as a Leading Diagonal (LD). Alternately (blue), the minor 3 high was at 2757, the minor 4 pull-back was at 2658 and this current rally from 2658 is the minor 5 wave up to the 2856 target. 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: 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.
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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