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May 13th, 2020: SP500 and SPY 15-min Charts Pre-Market

Posted by pugsma on May 13, 2020

8:15 am EST:   The potential minor 4 ascending triangle (bullish continuation) wave count here really looks good.   The minor 5 thrust up and out of the triangle above 2946 should happened over the next week, if correct.  Target is 3112 on the SP500.  Triangle is valid above 2798.

SPY 15-min chart (8-13-20 pre-market):

SPY Technical Analysis

SP-500 15-min chart (8-12-20 close):

SP500 Technical Analysis

 

20 Responses to “May 13th, 2020: SP500 and SPY 15-min Charts Pre-Market”

  1. pugsma said

    I absolutely loaded the truck in the after-hour session with ES down -35 (SP500 cash equivalent) of 2835. Stop set at 2798, loss of -1,3%. Target 3112, potential gain of 9.8%. Almost a 10:1 gain to loss ratio.

    Hopefully others saw my minor 4 continue ascending triangle count up within an hour or market close with ES down -10. ES continued to drop to -35 by 8 pm EST after-hour session close.

    • rat8nine said

      +1
      spx 5 as of the close yesterday – price move to median line of modified schiff set:

    • Raja Roy said

      Pug, are you saying that the alt count now has more probability of occurrence? Just trying to understand what % probability you give to the two wave counts now.

  2. pugsma said

    Bearish engulfing candle on the SP500 is not so bearish.

  3. pugsma said

    VIX made a new recovery low on Monday May 11th with SP500 at 2930. Thus VIX was lower than when the SP500 hit 2955 back on April 29th.

    This that’s a negative divergence on the VIX, which is positive for future SP500 price gains above 2955.

  4. rat8nine said

    upro 5 – the drop is in median line target no man’s land – past the purple, and not at the red, but just above the .786 rt (upper magenta line) at the lower blue bull set. we shall see if that low holds, or not, but if this is a typical oe week, price could be at the upper blue line by the end of the week.

  5. pugsma said

    Just remember that Major [1]-P1-C1 in year lasted 4 months from early March to early June.

    Ideally major [1]-P1-C3 should last as long or slightly longer from late March to late June.

    This works give the bullish continuation triangle minor 4 wave time to play out to at least 3112 to 3184.

  6. rat8nine said

    spx 15 – price has hit the red median line, the prior low has not been taken out…it’s certainly a key area

  7. MS53 said

    Sure looks like 5 waves down to 2799. Could it be that this is just a ZZ down from 2955 minor 3 high to a low in this area for minor 4? 30% retrace so far. Would also make minor 3 longer than minor 1.

  8. pugsma said

    Everything looks higher from this 2789 to 2799 area.

    Minor 5 could reach the 3112 target area by May 25th Memorial Day.

  9. airran23 said

    Hi Steve, your stop is at 2798 The low so far is 2799 will you be adjusting your stop since it is very close to the LOD so far? And can the alternate still be valid if 2798 is breached? Thanks.

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