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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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