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:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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