May 15th, 2020: SP-500 Chart Update
Posted by pugsma on May 15, 2020
2:55 pm EST (Updated 4:00 pm EST): The debate here is where does the wave minute (1) of minor 5 of major [1]-P1-C3 end.
The primary (green) count is that wave iii-(1) is on going and a strong close today that should push the SP500 price towards the iii=1.62*i target of 2877. And the minute (1) wave should reach the 2900 to 2910 area early next week, before the minute (2) wave pull-back.
There is also alternate (blue) count that has minute (1) complete today at 2862, which could produce a drop for minute (2) to the 50%/62% Fibs at 2815 to 2803 going into the weekend.
The minor 5 targets are at M5=0.62*M1 = 3042 (blue) to M5=0.78*M1 at 3113 (green).
Have a great weekend !!!
SP-500 15-min chart (2:50 pm EST):
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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