August 20th, 2020: SP-500 Chart Update
Posted by pugsma on August 20, 2020
5:00 pm EST: The SP-500 gapped down from 3375 to 3360, quickly hit the days low at 3355 and then rose all day to 3391 and closed at 3385.
The SP-500 is looking to complete major [1]-P1-C3 in the range of 3411 (blue count) where M5=M1 to 3513 (white/green count) where M5=1.23*M1.
The primary (white/green) count completed wave iii-(5) of minor 5 of major [1] at 3399. The drop to 3354 was a near perfect 23% Fib retracement for wave iv-(5). The wave v=i target is at 3421, v=1.38*i at 3446 or v=1.62*v at 3462. A break above 3399 will confirm this primary (white/green) count.
The alternate (blue) count completed a perfect 3-push up, ending diagonal pattern today at 3399 for wave v-(5) of minor 5 of major [1]. This would make a classic major [1] top. There is negative divergence cross the daily RSI, MACD and NYMO and positive divergence on the VIX to support a major top at this point. Breaking below 3326 and then 3370 will confirm the major [1] top at 3399 and major [2] wave down is underway towards the rising 200-day SMA at 3070.
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:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.