July 17th, 2020: SP-500 Chart Update
Posted by pugsma on July 17, 2020
1:45 pm EST: The SP-500 gapped up from 3215 to hit 3226, dropped to 3206, the drifted slight higher to sideways.
The primary (white/green) count is that minor 5 of major [1]-P1-C3 played out as an Ending Diagonal (ED) topping at 3238, where minor 5 = 0.62*minor 1 = 3242. Note, that the ED maximum is at 3300, so the SP500 could a little higher if need be. I’m expecting major [2] wave lower to be a simple zig-zag pattern with the minor A wave targeting the 3028 pivot area. The minor B wave should retrace to the 50% Fib at 3133 to the 3154 pivot area. Followed by the minor C wave dropping to at least the C=A target of 2923 and the 2941 to 2872 pivot area. This major [2] wave could take a few months to play-out into the September/October time frame.
The alternate (blue) count is that minute 5 of major [1]-P1-C3 is extending higher towards targets at 3313 (M5=0.78*M1) to 3412 (M5=M1). Minute (4) of minor 5 looks like it’s playing out as an ascending triangle with a target of 3342, where 3255 + (3235-3128).
Have a great 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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