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August 25th, 2020: SP-500 Chart Update

Posted by pugsma on August 25, 2020

4:50 pm EST:  The SP-500 gapped up from 3432 to 3436, quickly hit 3439, drifted sides-ways above 3426 until noon and then rallied to close at the high of 3444.

The primary (white/green) count completed wave iii-(5) of minor 5 of major [1] at 3399.  The drop to 3355 was a near perfect 23% Fib retracement for wave iv-(5).   The wave v=1.38*i at 3446 and v=1.62*v at 3462.  The minute (3)=1.38(1) at 3466, and (5)=1.62(1) at 3512, which agrees with the minor 5 = 1.23*minor target at 3513.  Also, the weekly chart update channel line is right near the 3500 target area.  Thus a move up to the 3500 area looks likely to complete major [1].

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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