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July 8th, 2020: SP-500 Chart Update

Posted by pugsma on July 8, 2020

5:05 pm EST:  The SP-500 gapped up from 3146 to 3155, quickly hit 3171, then made a new low at 3137 before rallying to close near the high 3170.

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 minute (4) 23% Fib is at 3180.  The minor 5 target range is from minor 5 = 0.62 to 0.78*minor 1 at 3242 to 3313.  The primary (green) count is valid above the minute (2) low at 3000.

The new alternate (blue) count is a slight variant of the primary (green) that has the minor 4 low at 3000, not 2966 (although 2966 is still the orthodox low).   This means that minute (1) of minor 5 completed on Monday at 3183.  The minute (2) wave completed today at 3137.   The minute (3) wave is just getting underway and has a conservative target of (3)=1.23(1) at 3362.  The minute (4) 23% Fib is at 3310.   The minor 5 = minor 1 target is at 3411.

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

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