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:
SP-500 15-min chart:
SPP-500 60-min chart:
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