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June 8th, 2020: SP-500 Chart Update

Posted by pugsma on June 8, 2020

4:55 pm EST:  The SP-500 price gapped up from 3193 to 3200, quickly hit 3212 (Friday’s high), consolidated below 3212 and ran higher to close at 3232.

The primary (white/green) wave count is that the minor 5 of major [1] wave is likely going to extend toward the minor 5 = 1.62*minor 1 target at 3504.  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 ended at 2980 and the minute (2) wave at 2934.  This means that the typical minute (3) = 1.62(1) target is at 3279.  Within the minute (3) wave, wave iv-(3) completed as an ascending triangle with the low at 3183.  The wave v=i target is at 3271.  A typical 23%/38% Fib for minute (4) is at 3199/3161 and then a minute (5) =(1) is at 3412 (near the all-time high of 3394).

The alternate (blue) count (shown only on the 60-min chart) is that wave minor 3 of major [1] is extending towards a minor 3 = 2.0*minor 1 at 3337.  Once minor 3 completes at 3337, minor 4 should retrace to at the 23% Fib at 3132, before the minor 5 = minor 1 wave reaches 3577.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analylsis

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