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May 19th, 2020: SP-500 Chart Update

Posted by pugsma on May 19, 2020

11:15 am EST:   The SP-500 gapped down from 2953 to 2948 and has hit 2938 thus far.

The primary (green) count is that minor 5 of major [1] is headed to the higher targets of 3113 (where minor 5 = 0.78*minor 1) to 3212 (where minor 5 = minor 1).   Wave minute (3) should target the (3)=2.62(1) area of 3047 or (3)=4.25(1) = 3188.

The alternate (blue) count is that minor 5 of major [1] is headed to the lowest target at 3042, where minor 5 = 0.62*minor 1.   Wave minute (3) complete at 2963.  Minute (4) should retrace between the 23% and 38% Fib at 2931 to 2909.   Minute (4) so far looks like an expanded flat or triangle wave.  Basis minute (4) ending at 2931 the minute (5)=(1) target is at 3017.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

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