July 30th, 2020: SP-500 Chart Update
Posted by pugsma on July 30, 2020
5:00 pm EST: The SP-500 gapped down from 3258 to 3232, dropped quickly to the days low at 3204, then rose all day to close near the high (3246) at 3251.
The SP-500 was very close to breaking the 3200 to 3280 range to the downside this morning, but held and rallied to close above the 3240 mid-point. Note: Resolution of the 3200 to 3280 range should determine which wave count is correct.
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. This alternate (blue) count remains valid above 3200 and will be confirmed on break above 3280.
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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