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May 12th, 2020: SP-500 Chart Update

Posted by pugsma on May 12, 2020

5:30 pm EST:   The SP-500 gapped up from 2930 to 2940, quickly hit 2946, then dropped all day and closed on the low at 2870.

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.   Minor B completed today at 2846.  The 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 2955 recovery high.

The alternate (blue) count is that minor 4 of major [1]-P1-C3 is playing out as a continuation, ascending triangle.  Minute (a) completed at 2798.  Minute (b) completed at 2946.  Minute (c) should drop to the 2948 area, before minute (d) tests the 2946 area again.  Finally minute (e) will drop to the 2872 pivot area to complete the ascending triangle.   Once complete the minor 5 wave of major [1] should hit the triangle target of 3112.   The alternate (blue) count minor 4 ascending triangle remains valid above the low at 2798.

Note:  It’s pretty simple now, a break below 2798 confirms the primary (green) and above 2955 confirms the alternate (blue).

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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