May 5th, 2020: SP-500 Chart Update
Posted by pugsma on May 5, 2020
4:45 pm EST: The SP-500 gapped up from 2842 to 2868, rallied to a high at 2898, then had a late day drop to 2864 and closed at 2868.
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. Minor B retraced just over the 62% Fib (2895) to 2898 as 3-wave move (a)-(b)-(c). Next should be a minor C, 5-wave drop towards the C=A target area of 2742 to C=1.62A = 2645. The target 38% Fib for major [2] is at 2664. A break below 2798 will confirm the primary (green) count, which 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 and completed at 2798. Minor 5 of major [1] is underway as a 5-wave move that will extend beyond 2954 to at least the 3037 target, where minor 5 = 0.62*minor 1. Wave minute (1) of minor 5 completed at 2898. The minute (2) wave should retrace to the 38% to 50% Fib range of 2860 to 2848, before the minute (3) wave extends above 2954 towards the (3)=1.62(1) target at 3010. The alternate (blue) count remains valid above the minor 4 low at 2798.
Note; It’s pretty simple now, a break below 2798 confirms the primary (green) and above 2954 confirms the alternate (blue). As I showed earlier today, QQQ has already confirmed its move higher than SP500 2954 equivalent.
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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