May 1st, 2020: SP500, QQQ and IWM 60-min Charts:
Posted by pugsma on May 1, 2020
12:30 pm: The SP500 gapped down from 2912 to 2869, and dropped to 2825 by mid-day.
We potential major [1]-P1-C3 tops (green labels) across the SP500 (2954), QQQ (120.04) and IWM (136.65). This would mean a several weeks to a couple months pull-back for the respective major [2] waves. I’d expect the SP500 ad QQQ to only retrace to the 38% Fib’s (2664 and 199.10). The IWM will likely retrace to the 62% Fib at 111.39.
Alternatively (blue labels) all three are holding their respective lower up channel lines and could make new highs for major [1] into mid-to-late May. This alternate (blue) count would be particular satisfying, as it would continue to work off the excessive bearish sentiment.
Have a great weekend !
SP500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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