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May 7th, 2020: SPY 15-min Chart

Posted by pugsma on May 7, 2020

8:05 am EST:  SPY is showing a potential bullish resolution of a triangle for minor 4 of major [1].   Note that there is a gap up above the upper triangle boundary here in the pre-market.  This is a potential bullish break-out of the triangle indication a “trust” much higher.

This triangle minor 4 wave is another version of the SP500 alternate (blue) wave count mentioned in yesterday’s comment section.

The minimum triangle target is at 306.31 (SP500 3060 area).

The measured move target is at 317.74 (SP500 3180 area).

SPY 15-min chart (Pre-Market 5-7-20):

SPY Technical Analysis

SP-500 15-min chart (close 5-6-20):

SP500 Technical Analysis

 

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