July 2nd, 2020: SP-500 Chart Update
Posted by pugsma on July 2, 2020
5:05 pm EST: The SP-500 gapped up from 3115 to 3143, quickly hit the days high at 3166, then declined the rest of the day close near the low (3025) at 3130.
The primary (white/green) count that minute (3) of minor 5 of major [1]-P1-C3 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 ascending triangle between 2966 and 3156. Today’s high at 3166 would be minute (d) of minor 4 and next should be a minute (e) drop to the 50% Fib at 3083 to complete the minor 4 triangle. Once the ascending triangle completes the triangle target is 3156 + (3156-2966) = 3346 for the completion of minor 5 of major [1]-P1-C3. The alternate (blue) count remains valid above the minute (c) low at 3000.
House Keeping: The US Markets are closed on Friday, July 3rd in observance of the July 4th Independence Day Holiday.
Have a great 3-day weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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