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May 6th, 2020: SP-500 Chart Update

Posted by pugsma on May 6, 2020

4:50 pm EST:   The SP-500 gapped up from 2868 to 2882, quickly hit the days high at 2891, dropped to 2858, then drifted sideways all day and dropped to close on the lows at 2848.

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 typical 50% to 62% Fib range of 2848 to 2836 (hit the 50% Fib at the close today 2848).  Once minute (2) completes, 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).

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

SP-500 daily chart:

SP500 Technical Analysis

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