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June 11th, 2020: SP-500 Chart Update

Posted by pugsma on June 11, 2020

5:35 pm EST:  The SP-500 price gapped down from 3190 to 3123 and continued to slide lower the entire day closing near the low (2999) at 3002.

This significantly sized pull-back helps to align the multiple breadth thrusts triggered last week with the updated wave count.  Typically these types of breadth thrust can only occur coming off an extremely oversold market at a multi-year low, like 2009 and 2020.  Also, it’s more typical for these types of breadths trust to occur at the beginning of major [3] wave and not at the end of major [1] leg.  Thus, the major degree level wave count has been corrected to show this.

The primary (white/green) wave count is that major [1] completed at 2955, major [2] at 2767 and minor 1 of major [3] at 3233.   The correction that began on Tuesday is a minor 2 of major [3] wave that will likely retrace to the 62%/78% Fibonacci targets of 2944 to 2870.   This first move down from 3233 is a minute (a) wave that is complete or nearly complete at 2999.  There should be 38%/50% Fib retrace for minute (b) to 3088 to 3116 followed by a minute (c) wave down to 2944 to 2870.  This minor 2 wave of major [3] remains valid above the major [2] low at 2767.

The alternate (blue) wave count slight variant of the primary is that minor 2 of major [3] low is complete or near complete at the 50% Fib of 3000.

In either wave count, it will take a move back above 3233 to confirm that the minor 2 of major [3] low is in place.   Thus, the SP-500 is likely in for a some volatilely between 2767 and 3233 before we can safely say the SP-500 is headed much higher in the minor 3 of major [3] wave.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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