April 28th, 2020: SP-500 Chart Update
Posted by pugsma on April 28, 2020
4:55 pm EST: The SP-500 gapped up from 2878 to 2910, hit a early morning high at 2921 and faded all day to close at 2863.
The primary (green) 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]. Wave minute (1) of minor 5 completed at 2845 and minute (2) retraced nearly 50% to 2792. Wave minute (3) ended at 2921, just above the minute (3)=(1) level of 2910. Minute (4) dropped to 2861 and now minute (5) is headed to the minute (5)=(1) target at 2979. There is a measured move target at a 2983, where 2852 + (2852-2721). This primary (green) count is valid for minute (4) above the minute (1) high of 2845.
The alternate (blue) count is that major [1]-P5-C3 topped at 2921. The major [2] wave is underway that should retrace to at least the 38% Fib target of 2643. The simplest form for major [2] is a minor A-B-C, zig-zag, where minor A drops to the 2759 pivot, minor B makes a 50% Fib retrace to 2840 and minor C drops to C=A at 2678. The alternate (blue) count remains valid below 2921.
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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