July 1st, 2020: SP-500 Chart Update
Posted by pugsma on July 1, 2020
12:00 pm EST: The SP-500 opened flat from 3100, rose to 3122 (day’s high) and has traded in range between 3100 and 3122.
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 minute (2) low at 3000.
The alternate (blue) count is a slight variant of the primary (green) count that has minor 4 of major [1]-P1-C3 is playing out as a contracting triangle between 2966 and 3233. Today’s high at 3122 would be minute (d) of minor 4 and a minute (e) drop to the 50%/62% Fib at 3061/3046 would be next to complete the minor 4 triangle. The alternate (blue) count remains valid above the minute (c) low at 3000.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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