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June 22nd, 2020: SP-500 Chart Update

Posted by pugsma on June 22, 2020

4:10 pm EST:   The SP-500 gapped lower from 3097, hit 3079 and rallied to close at 3118.

The primary (white/green) wave count is looking for the minor 5 of major [1]-P1-C3 wave to complete above 3233.   It looked liked the minor 4 wave might be forming a continuation triangle with minute (a) and minute (b) waves complete at 2966 and 3156, respectively, with minute (c), (d) and (e) waves of the triangle yet to come.  However, it’s possible that 2996 was the minor 4 low and the move up to 3153 was minute (1) of minor 5 and today’s low a 3079 was minute (2), as a bull flag.  Next up would be a move up to at least the bull flag, double bottom (3076, 3079) target at 3236 for minute (3) of minor 5.   This would be confirmed on a break above 3156.  The primary (green) wave count remains valid above 2966.

The alternate (blue) count is that the major [1]-P1-C3 wave completed at 3233.   The major [2] wave lower is underway, with the minor A of major [2] completed at 2966.  The minor B wave likely completed at 3156.  The minor C=A target is at 2889, near the 30%/38% Fib targets of 2920/2837.   This alternate (blue) count remains valid below 3233.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

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