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May 4th, 2020: SP-500 Chart Update

Posted by pugsma on May 4, 2020

5:00 pm EST:   The SP-500 gapped down from 2832 to 2815, dropped to a low of 2798 and then rallied to close at 2842.

The primary (green/white) count is that major [1]-P1-C3 topped at 2954.  The minor A of major [2] wave was a 5-wave drop to 2798.  Minute (1) completed at 2892, minute (2) at 2918, minute (3) at 2822, minute (4) at 2840 and minute (5) at 2798.   Minor B should be a retrace to a 50% Fib at 2876 as 3-wave move (a)-(b)-(c).   Minute (a) complete at 2827, minute (b) at 2810.  The minute (c)=2.62(a) target is 2886.  Finally minor C should drop towards the C=A target of 2720 to C=1.62A = 2623.  The target 38% Fib for major [2] is at 2664.  The primary (green) count remains valid below the 2954 recovery high.

The alternate (blue) count is that minor 4 of major [1]-P1-C3 dropped into the typical 23% to 38% Fib retracement area of 2837 to 2761.  Minor 4 likely completed today at 2798.  Minor 5 of major [1] is now underway as a 5-wave move that will extend beyond 2954 to at least the 3037 target.  The alternate (blue) count remains valid for minor 4 above the minor 1 high of 2637.

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

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