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April 23rd, 2020: SP-500 Chart Update

Posted by pugsma on April 23, 2020

5:40 pm EST:   The SP-500 gapped up from up 2799 to 2808, hit 2845, dropped to 2794 and closed at 2798 (flat for the day).

As displayed on the 5-min chart, the SP-500 price has been range bound for 10 trading days between 2721 and 2852.  In classic technical analysis this is called a rectangle pattern and the third/fourth touch of the range will typically break through and produce a measured move in the magnitude of the rectangle width (131=2852-2721).  There have been three touches at the 2852 area and two at the 2721 area.  So a move down to 2490 or up to 2983 out of the rectangle pattern is due soon.

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 7-wave, double zig-zag move that retraced to 2845, the 78% Fib of minor A.  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:

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

SP-500 daily chart:

SP500 Technical Analysis

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