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June 26th, 2020: SP-500 Chart Update

Posted by pugsma on June 26, 2020

7:00 pm EST:   The SP-500 gapped down from 3083 to 3073 and then slid lower all day to close near the low (3005) at 3009.

The primary (white/green) count is on life support, but does remain valid above 2996.  The minute (2) of minor 5 of major [1]-P1-C3 low is either in place at 3005 or needs a little more drop next week to the 88% Fib at 2999 and the triple top (3156) target of 2996.

As I’ve been hinting all week the SPX vs NYMO vs VIX chart has been indicating that the alternate (blue) count is more likely and should see a drop to the C=A target of 2889 to complete major [2]-P1-C3 and trigger all 3 of the SPX Buy signals shown on the chart below.   And IF we see this drop next to week to the 2872 pivot area, it’s possible that this will only be minor W of a W-X-Y double Zig-Zag that will take major [2] even lower into the early fall AFTER a minor X bounce into July/August.   The longer lasting major [2] correction would fit several historical models, particularly the year 2002 low.


SP500 Technical Analysis

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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