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June 16th, 2020: SP-500 Technical Analysis

Posted by pugsma on June 16, 2020

 4:05 pm EST:  The SP-500 gapped up from 3067 to 3131, hit 3153 (high for the day), quickly dropped to 3076 and closed at 3125.

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.  Within in the minor 3 wave, minute (1) should reach the area of 3233 high.  This primary (white/green) count remains valid above 2966.

The alternate (blue) count is that minor A of major [2] bottomed at 2966.  The minor B wave retraced to 3153, just below the minute (c)=(a) target of 3158.  The minor C wave should drop to C=A target at 2886 in the range of the 30%/38% Fib of 2920/2837.   This alternate (blue) count remains valid below 3233.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

 

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