June 4th, 2020: SP-500 Chart Update
Posted by pugsma on June 4, 2020
10:30 am EST: Just as important as the price is how the price is reached and what the classic technical analysis indicators are showing. While the SP-500 reach the 3154 target area for the major [1]-P1-C3 high, it did so with tremendous momentum ( daily RSI(14) reaching new highs near 70). This is NOT indicative of then of a terminal wave (5) of minor 5. It’s more likely to occur during a minute (3) or minor 3 wave. Thus, the wave count(s) need to be adjusted. Major [1] is likely to continue higher towards the all-time high of 3394.
The primary (white/green) wave count is that the minor 5 of major [1] wave is going to extend toward the minor 5 = 1.38*minor 1 target at 3381. Since minor 3 ended early at 2955, just above just above the minor 3 = minor 1 target of 2892, the minor 5 wave will often extend. Within minor 5 the minute (1) wave has moved up to 2969 and minute (2) at 2922. This means that the typical minute (3) = 1.62(1) target is at 3249. A 23% Fib for minute (4) is at 3174 and then a minute (5) =(1) is at 3376 (near the all-time high of 3394).
The alternate (blue) count is that minor 3 of major [1] is still on going and is targeting the minor 3 = 1.62*minor 1 at 3169. There should then be a minor 4 pull-back to hold above the 23% Fib at 3003 and a minor 5 = minor 1 move up to 3448 (a new all-time high).
So in both counts the major [1]-P1-C3 wave is likely to reach the all-time highs near 3394.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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