April 17th, 2020: SP-500 Chart Update
Posted by pugsma on April 17, 2020
4:55 pm EST: The SP-500 opened gap up from 2800 to 2841, hit 2862, dropped to 2831 and closed at 2874 (high of 2879).
The primary (green/white) count is that minor 4 of major [1]-P1-C3 completed as a contracting triangle wave between 2721 and 2852 (131 points). This triangle wave satisfies the guideline of “alternation” between the minor 2 wave flat and this triangle wave minor 4. The two possible triangle wave targets for completion of the minor 5 wave thrust higher out of the triangle are: 1) 2786 + (2852-2721) = 2917 or 2) 2852 + (2852-2721) = 2983. Once major [1] completes major [2] should retrace to a minimum of the 38% Fib at 2642 (Basis 2917) to 2688 (basis 2983). It will take a break below the 2807 pivot to begin to confirm the major [1] top and the major [2] retracement is underway.
Have a great weekend !
SP-500 5-min chart (updated 4-20-20):
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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