May 7th, 2020: SP-500 Chart Update
Posted by pugsma on May 7, 2020
10:30 am EST: The SP-500 gapped up from 2848 to 2878, and quickly hit 2894.
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 looks to still be unfolding as a 3-wave (a)-(b)-(c). Minute (a) of minor B hit 2898 and minute (b) dropped to a 50% Fib at 2848. Next should be a minute (c) wave to targets between (c)=0.62(a) at 2910 and (c)=(a) at 2948. Once minor B completes, minor C should be a 5-wave drop towards the 38% Fib target 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 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) dropped to the typical 50% at 2848. The minute (3) wave is underway that should target (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:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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