June 29th, 2020: SP-500 Chart Update
Posted by pugsma on June 29, 2020
5:15 pm EST: The SP-500 gapped up from 3009 to 3018, hit 3026, quickly dropped to 3000 (day’s low) and rallied to close on the day’s high at 3053.
The primary (white/green) count that minute (2) of minor 5 of major [1]-P1-C3 low is in place at 3000, which was at the 88% Fib of 2999 and the triple top (3156) target of 2996. The minute (3) wave of minor 5 is underway with conservative target of (3)=1.23(1) at 3234. The minor 5 target range is from minor 5 = 0.62, 0.78, or 1.0 * minor 1 at 3242, 3313, or 3412. The primary (green) count is valid above the minor 4 low at 2966.
The alternate (blue) count is that major [2]-P1-C3 has been underway since the 3233 high and is looking to complete a single Zig-Zag at the minor C=A target of 2889. And it’s possible that this 2889 level 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 alternate (blue) count is valid below the minor B high at 3156.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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