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May 4th, 2020: SP-500 Charts Pre-market

Posted by pugsma on May 4, 2020

7:55 pm EST:   The primary (green/white) count is that major [1]-P1-C3 topped at 2954.  The minor A of major [2] wave should produce a 5-wave drop into the 2789 area.  Minute (1) completed at 2892, minute (2) at 2918, minute (3) at 2822 and minute (4) at 2840.   There should be a minute (5) drop to the (5)=(1) target of 2789 to complete minor A.  Once minor A completes, minor B should be a retrace to a 50% Fib at 2872.   Finally minor C should drop towards the C=A target of 2707.  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 is dropping into the typical 23% to 38% Fib retracement area of 2837 to 2761.  The SP500 price remains in the parallel up channel off the 2192 low to about the 2759 pivot area and thus a minor 4 of major [1] is realistic probability here.   Once minor 4 completes, minor 5 of major [1] will extend beyond 2954 to at least the 3036 target.  The alternate (blue) count remains valid for minor 4 above the minor 1 high of 2637.

SP-500 5-min chart (EOD 5-1-20):

SP500 Technical Analysis

SP-500 15-min chart (EOD 5-1-20):

SP500 Technical Analysis

SP-500 60-min chart (EOD 5-1-20):

SP500 Technical Analysis

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