April 22nd, 2020: SP-500 Chart Update
Posted by pugsma on April 22, 2020
5:15 pm EST: The SP-500 gapped up from up 2735 to 2788, hit 2795, dropped to 2776, rallied to 2815 and closed at 2799.
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 completed at 2727. The minor B wave was a 3-wave move that retraced to 2815, between the 50% and 62% Fibs of 2803 to 2821. The minor C wave should be a 5-wave drop to the 2618 to 2536 Fib targets for the retrace of major [1]. Note: there is a head and shoulders pattern on 15-min chart with head at 2879, neckline at 2727 and target of 2575 (agrees with the 50% 2536 Fib target). The primary (green) count remains valid below the 2879 high.
The alternate (blue) count is that minor 4 of major [1]-P1-C3 completed as an expanded flat at 2727. The minor 5 wave of major [1] is underway that should end above 2879 to complete major [1]. There is a measured move target at a 2983, where 2852 + (2852-2721) . This alternate (blue) count is valid above the 2722 low.
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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