July 13th, 2020: SP-500 Chart Update
Posted by pugsma on July 13, 2020
5:45 pm EST: The SP-500 gapped up from 3185 to 3205, rose to a high at 3235, then fell hard and closed near the low (3149) at 3155.
Breaking above the June high of 3233 satisfied the minor 5 of major [1] wave requirement. Looking back at the price action since the minor 4 low at 2966, it looks like minor 5 of major [1]-P1-C3 played out as a bearish rising wedge or ending diagonal pattern that completed today at 3235. An ending diagonal minor 5 wave requires that minute (5) < (3) < (1). This move up from 2966 to 3156 for minute (1) was 190 points, the move up from 3000 to 3184 was 184 points and the move up from 3116 to 3235 was 109 points, satisfying the ending diagonal requirement. Confirmation of the ending diagonal completions at 3235 is drop below the 3116 level. Today’s sudden drop from 3235 to 3149, is indciative of how and end diagonal pattern typcially completes.
The primary (green) is that minor 5 of major [1] topped at 3235. The major [2] wave should correct to between the 30% to 38% Fib at 2923 to 2840. I’m expecting the minor A of major [2] wave to target the 3028 pivot.
SP-500 60-min chart:
SP-500 daily chart:
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