July 29th, 2020: SP-500 Chart Update
Posted by pugsma on July 29, 2020
5:35 pm EST: The SP-500 gapped up from 3218 to 3228, then rose all day to close near the high (3264) at 3258.
3280 becomes a potential top major [1]-P1-C3 top per the primary (white/green) count. The SP500 price will take a break below 3200 to confirm. The move down from 3280 to 3200 is minute (1) of minor A of major [2]. The rebound from 3200 to 3264 (78% Fib) thus far is a minute (2) of minor A wave that must remain below the 3280 high. Minute (3) =1.62(1) target is at 3134 and I have an initial target area for minor A of major [2] at 3084.
The alternate (blue) count is that minute (4) of minor 5 of major [1]-P1-C3 completed at 3200, between the 23%/38% Fibs of 3216/3173. Next should be the final push higher in minute (5) to the minor 5 = minor 1 target of 3412. Within minute (5), wave i-(5) looks to have completed at 3244 and wave ii-(5) at 3216. Wave iii-(5) should target 3331, where iii=2.62*i. This alternate (blue) count remains valid above 3200.
Note: Resolution of the 3200 to 3280 range should determine which wave count is correct.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.