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:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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