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):
SP-500 15-min chart (EOD 5-1-20):
SP-500 60-min chart (EOD 5-1-20):
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