June 15th, 2020: SP-500 Chart Update
Posted by pugsma on June 15, 2020
4:45 pm EST: The SP-500 gapped down from 3040 to 2994, hit 2966 (low for the day) and rallied all day to hit 3079 and closed at 3067.
The primary (white/green) count is that minor 2 of major [3]-P1-C3 bottomed today at 2966, just above the typical 62% Fib of 2943. The minor 3 wave is underway to a target at 3721, where minor 3 = 1.62*minor 1. This primary (white/green) count remains valid above 2966.
The alternate (blue) count that minute (a) of minor 2 bottomed today at 2966. The minute (b) wave should retrace to the 50%/62% Fib of 3100/3127, before minute (c) completes at the 62%/78% Fib of 2943/2870. This alternate (blue) count remains valid below 3233.
Today’s VIX close below Friday’s close (i.e. a red VIX) produced the third, confirming step of a VIX Sell, SP500 Buy signal (see chart below).
SP-500 15-min:
SP-500 60-min:
SP-500 daily chart:
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