June 17th, 2020: SP-500 Chart Update
Posted by pugsma on June 17, 2020
4:50 pm EST: The SP-500 opened flat near 3125 and traded in a tight range between 3108 and 3141 all day.
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) likely completed at 3153 and the minute (2) wave is looking to retrace toward the 50% Fib at 3059. 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 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
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