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July 20th, 2020: SP-500 Chart Update

Posted by pugsma on July 20, 2020

4:50 pm EST:  The SP-500 opened flat from 3225, then rose slowly all day to hit at high of 3259 and closed at 3252.

The primary (white/green) count is that minor 5 of major [1]-P1-C3 played out as an Ending Diagonal (ED) topping at 3259, 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.  ED’s typical retrace 78% on there first move down, which is 3030 (basis 2966 to 3259).  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 3144 to the 3154 pivot area.  Followed by the minor C wave dropping to at least the C=A target of 2913 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.  Note:  As expected there is negative divergence across the key daily chart momentum indicators (RSI and MACD) on this minor 5 wave move above the June 8th minor 3 high of 3232.

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 minimum target of 3288, where 3235 + (3235-3128)/2 and the maximum target of 3342, where 3235 + (3235-3128).

SP-500 15-miin chart:

SP500 Technical Analysis

SP-500 60-mim chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis


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