April 9th, 2020: SP-500 Chart Update
Posted by pugsma on April 9, 2020
5:00 pm EST: The SP-500 opened gap up from 2749 to 2777, hit a daily high at 2819, dropped to 2762 and closed 2790. For the holiday shortened week the SP500 gained 301 points (+12.1%). The best weekly gain since 1974!
The primary (green/white) count is that minor 3 of major [1]-1-C3-SCV likely completed at 2819. The minor 4 wave should have a 38%/50% Fib retrace to 2678/2633 (basis minor 3 at 2819). 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 to 2819 completed the minor 5 wave to end major [1]. In either case once complete, the major [1] 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.
Stay healthy and have a great weekend !
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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