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April 13th, 2020: SP-500 Chart Update

Posted by pugsma on April 13, 2020

4:40 pm EST:  The SP-500 opened gap down from 2790 to 2782, hit a daily low at 2721, and closed 2761.

The primary (green/white) count is that minor 3 of major [1]-1-C3-SCV completed at 2819.  The minor 4 wave should retrace to the 38%/50% Fib to the 2678/2633 (basis minor 3 at 2819).  For minor 4 there are 3 waves down from 2819 to 2721, so that could complete minor 4 as a single zig-zag or it could only be minute (w) of a double zig-zag ,(w)-(x)-(y).  The minute (x) wave of the potential double zig-zag retraced to a 50% Fib at 2770.  Thus, a final minute (y) wave  would target the (y)=(w) are of 2672 (the 38% Fib).   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).   The major [1] Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is at 2524/2444/2338 (basis 2856) for the major [2] wave.

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].    The major [1] Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is at 2506/2430/2330 (basis 2819) for the major [2] wave.

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:

SP500 Technical Analysis

 

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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