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May 27th, 2020: SP-500 Chart Update

Posted by pugsma on May 27, 2020

5:25 pm:  The SP-500 gapped up from 2992 to 3016, quickly hit 3022, dropped to 2970 and rallied to close at 3035.

The primary (green) count has the minor 5 of major [1] of P1-C3 ending at the minor 5 = 0.62*minor 1 target area of 3042.  There is a minute (5)=(1) target a little higher at 3056.  The major [2] wave should be a minor A-B-C pull-back to at least the 30% retrace (similar to year 2009) at 2787 to the 38% Fib retrace at 2719.  It will take until early July (at the soonest) for major [2] to reach its low.

The alternate (blue) count has minor 1 of major [3]-P1-C3 ending near this same 3042 to 3056 area.  The typical minor 2 Fib retrace targets are the 50%/62% Fibs at 2905 to 2872.   The minor 2 wave should be a quick (week at the most) drop into early June.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

 
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