PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

June 9th, 2020: SP-500 Chart Update

Posted by pugsma on June 9, 2020

5:20 pm EST:  The SP-500 price gapped down from 3233 to 3213, quickly hit 3193 (low for the day), rebounded to 3223 and closed at 3208.

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 expanded flat 3193.  The wave v=i target is at 3271.  A typical 23%/38% Fib for minute (4) is at 3199/3148 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

SPP-500 60-min chart:

SP500 Technical Analsis

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: