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May 8th, 2020: SP-500 Chart Update

Posted by pugsma on May 8, 2020

1:35 pm EST:   The SP-500 gapped up from 2881 to 2910 and hit 2924 by mid-day.

The primary (green/white) count is that major [1]-P1-C3 topped at 2955.  The minor A of major [2] wave was a rapid two-day 5-wave drop to 2798.  Minor B looks to still be unfolding as slow corrective 3-wave (a)-(b)-(c), Zig-Zag.  Minute (a) of minor B hit 2898 and minute (b) dropped to a 50% Fib at 2848.  Wave minute (c) is underway towards a target at (c)=(a) = 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).

Have a great weekend !

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

SP-500 Weekly Chart:

SP500 Technical Analysis

 

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