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May 8th, 2020: SPY 15-min Chart Pre-Market

Posted by pugsma on May 8, 2020

9:05 am EST:   SPY still has a couple possible outcomes here:

  1. Flat or Expanded Flat Wave for major [2] with the minor B wave reaching 294.88 or 298.50, respectively.
  2. Major [1] extending higher in a minor 5 wave to 306.31 to 317.74.

SPY 15-min chart:

SPY Technical Analysis

13 Responses to “May 8th, 2020: SPY 15-min Chart Pre-Market”

  1. rat8nine said

    spy 5 as of now – that’s interesting, for the primary, I don’t recall you seeing you measure B in relation to A….here are the fibs for a retrace of A:

    294.88 – 279.13 = .786 at 291.51
    294.88 – 279.13 = .886 at 293.08

  2. Seems like this morning we still have another spot where both counts are going in the same direction. UP

    • pugsma said

      I would not say that at all. The primary (green) minor B can end at any time here and the minor C wave drop of over 250 points is next.

      • pugsma said

        One of my favorite sayings “be careful picking up pennies in front of a steam roller”

      • I was thinking that minor B would go to 2948 to 85, But your right Steve, minor B could go there or it could end at any time. Sorry for the incorrect post. Really enjoying your work.

      • hh101063 said

        Thanks for pointing out that the SPX Minor C drop (the primary) can start any time not having to go to 2948. Also noted the two options outlined in the top of this post for SPY which – as I read it – suggests a bit more bullishness with the B wave possibly reaching 298.50. Did I read it wrongly or is some deviation possible given cash vs future scope? Thanks.

  3. pugsma said

    An observation:

    During the 2955 to 2798 drop there was follow-through in the cash markets on ES Future gap downs.

    During the rise from 2798 to 2919 most of the movement up was in the ES Futures with very little follow-through during cash market hours.

    • pugsma said

      A second observation:

      The drop from 2955 to 2798 took 2 trading days. Impulsive in price action.

      The rise from 2798 to 2919 has taken 5 trading days. Corrective in price action.

      • R Swaim said

        That’s a really good and important observation about this being corrective in nature. Where impulse rules are fairly straightforward, corrections are much more difficult to call until patterns are fairly well developed. Bottom line is caution.

    • lauter1 said

      Also, transports (DJT), IWM, and XLF are showing much weaker retraces that appear quite corrective for now. Need to be watched carefully.

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