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August 27th, 2020: SP-500 Chart Update

Posted by pugsma on August 27, 2020

1:30 pm EST:  The SP-500 opened flat at 3481, climbed to 3501 and then dropped to 3468.

Possible major [1] top at 3501 or one more push up to the 3513 target.  Will need to break below 3399 and then 3355 to confirm.

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 v-(5)=1.62(1) target is at 3512, which agrees with the minor 5 = 1.23*minor target at 3513.  Also, the weekly chart upper channel line is right near the 3500 target area.  Thus a move up to the 3500 area looks likely to complete major [1].

Have a great weekend !

SP-500 5-min chart:

SP500 Technical Analysis

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

SP-500 week chart:

SP500 Technical Analysis

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