May 20th, 2020: SP-500 Chart Update
Posted by pugsma on May 20, 2020
4:25 pm EST: The SP500 gapped up from 2922 to 2954 and hit a high of 2980 by mid-day, dropped to 2960 and closed at 2971.
Primary (green/white) count remains in a minute (3) wave up to at least the (3)=2.26(1) target of 3047. The pull-back to 2922 was likely a wave iv-(3). After minute (3) reaches 3047, there should be a minute (4) to at least the 23% Fib at 2995, before minute (5) heads above 3047. The minor 5 = 0.78*minor 1 target is at 3113 and the minor 5 = minor 1 target is 3212 to complete major [1]. It’s important for primary (green) wave count to remain above rising 13-day EMA, which is at 2893 as the close on Wednesday 5/20. As long as it does, the price can continue to melt-up higher towards the minor 5 =1 target at 3212.
Alternate (blue) count has wave minute (4) complete at 2922 (just above the 38% Fib of 2909) and now a wave minute (5) towards the (5)=(1) target at 3008. The minor 5 = 0.62*minor 1 target is at 3042 to complete major [1]. There is building negative divergence on the 60-min MACD and RSI. Also the NYSE A-D Line cumulative is showing a negative divergence with respect to the April 29th SP500 high at 2955 vs today at 2980.
P-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
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