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April 20th, 2020: SP-500 Chart Update

Posted by pugsma on April 20, 2020

5:45 pm EST:  The SP-500 opened gap down from 2875 to 2846, hit 2829, rallied to 2869 and closed at 2823 (low of 2820).

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.  So for the move up from the minor 4 triangle low of 2765 has reached 2879.   Once major [1] completes major [2] should retrace to a minimum of the 38% Fib at 2642 (Basis 2917) to 2688 (basis 2983).

The alternate (blue) count is that minor 5 of major [1]-P1-C3 completed at 2879.   The major [2] wave lower to a 38% to 50% Fib retrace target of 2618 to 2536.  The first minor A of major [1] looks to targeting the 2718 area per the 5-min chart.

Note:  A break above 2879 will confirm the primary (green) wave count that major [1] is extending higher or a break below 2765 will confirm the major [1] top at 2879 and the major [2] retracement is underway per the alternate (blue) count.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

13 Responses to “April 20th, 2020: SP-500 Chart Update”

  1. pugsma said

    Note that the bearish rising wedge lower blue trend line was broken below late this after. This is not confirmation of the major [1] top at 2879, but it’s clearly a warning sign that the alternate (blue) count is more likely.

  2. MS53 said

    A few days back , Steve, you said technology was likely to be the leading overall price gainer in this Cycle. How do you see QQQ playing out in P1 ?

    • pugsma said

      Not will be, I said QQQ has been the leader thus far. It’s simply the fact that QQQ is loaded with the game changing stocks of this century.

      I’ll update the QQQ charts at some point in the near future.

  3. pugsma said

    Break of 2765 means the primary (green) major [1] top is at 2879.

    I do have a new alternate (blue) where minor 4 of major [1] is completing here near the 2765 pivot and a minor 5 of major [1] move up to 2893 is next.

  4. dgsanom said

    Steve is it safe to say Major [1] top is in at 2879?

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