May 1st, 2020: SP-500 5-min and 15-min Charts Pre-market
Posted by pugsma on May 1, 2020
8:45 am EST: The weakness from the 2954 high is far too much for a minute (4) wave, regardless if the 2845 level holds in the cash market this morning. Thus, if the major [1] wave is to continue higher than 2954, this pull-back is a minor 4 of major [1] wave that will target the 23% Fib at 2837 (see the blue wave count labels). I really like this blue count and it’s at least 50/50 here with the green/white labels showing the major [1] top at 2954.
The breadth of the move up has been strong. There are still are more bears than bull, as seen my the weekly AAII Sentiment survey yesterday. Tops are a process and this major [1] wave could look to extend into at least mid-May to convert move bears to bulls.
SP-500 5-min chart:
SP-500 15-min chart:
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