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July 9th, 2020: SP-500 Chart Update

Posted by pugsma on July 9, 2020

1:15 pm EST:   The SP500 gapped up from 3170 to 3175, quickly hit 3180, then reversed falling hard to hit 3116 and has so far recovered to 3152.

The primary (white/green) count is that minute (1) of minor 5 of major [1]-P1-C3 completed at 3184.   The minute (2) wave should retrace to the  38% to 62% FIB into the range of 3113 to 3071. It’s possible today’s low at 3116 was end of minute (2).   I’m now expecting the minor 5 of major [1] to only reach the 0.62*minor 1 target at 3242 or is it extends slightly the 0.78*minor 1 target at 3313.   The primary (green) count remains valid for minute (2) of minor 5 above the minor 4 low at 3000.

The alternate (blue) count is that the 3184 high was the completion of minor B of major [2]-P1-C at just below the minute (c)=(a) target of 3190.   The minor C wave down is underway that should target C=A at 2917 to complete the major [2] wave.   The alternate (blue) count remains valid below the major  [1] high 3233.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Techical Analysis

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