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August 11th, 2020: SP-500 Technical Analysis

Posted by pugsma on August 11, 2020

4:45 pm EST:   The SP-500 price gapped up from 3360 to 3370, hit a new high at 3381 late in the today and then dropped quickly to 3326 into the close finishing at 3334.

We have a potential major [1] top at 3381 (blue count) just shy of the minor 5 = minor 1 target of 3411.  However it will take a drop below 3270 to confirm.  As long as this drop holds above 3270, then it’s a potential sub-minuette wave iv-(5) and there will be one more push up above 3381 to complete wave v-(5) of minor 5 of major [1]-P1-C3 (white/green count).   Once major [1] is complete, the major [2] pull-back should target the rising 200-day SMA in the 3050 area going into the late September/October.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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