April 21st, 2020: SP-500 Chart Update
Posted by pugsma on April 21, 2020
12:55 pm EST: The SP-500 gapped down from 2823 to 2785 and hit 2728 by mid-day.
The primary (green/white) wave count is that major [1]-P1-C3 completed at 2879. The major [2] wave pull-back to the 38% to 50% Fib retrace targets of 2618 to 2536 is underway. The simplest form for major [2] is a minor A-B-C, 5-3-5, Zig-Zag. Minor A is a 5-wave move that maybe complete at 2728 or might need a little to drop to the 2695 pivot. The minor B wave would the be a 3-wave 38% to 50% Fib retrace of minor A to the 2759/2807 pivot area. Followed by a minor C, 5-wave drop to the 2618 to 2536 targets.
The alternate (blue) count is that major [1]-P1-C3 is currently in a minor 4 wave expanded flat that should end above the 2695 pivot and then make a minor 5 wave push above 2879 to complete major [1] at a 2983 target. This alternate (blue) count is much lower probability than the primary (green).
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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