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May 20th, 2020: SP-5000 5-min and 15-min Charts Pre-Market

Posted by pugsma on May 20, 2020

8:55 am EST:  So far the pull-back from 2968 to 2922 looks like a simple a-c-b, zig-zag that held the large week gap from 2864 to 2914.

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].

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].

It’s important for both wave counts to remain above rising 13-day EMA, which was at 2881 as the close on Tuesday 5/19.

SP-500 5-min chart (pre-Market):

SP500 Technical Analysis

SP-500 15-min chart (pre-Market):

SP500 Technical Analysis

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