September 3rd, 2020: SP-500 Chart Update
Posted by pugsma on September 3, 2020
2:15 pm EST: The SP-500 gapped down from 3580 to 3565, dropped quickly to 3453 bounced to 3492, and dropped again to 3445 so far.
The primary (white/green) count is looking for minor 5 of major [1]-P1-C3 to complete at the minor 5 = 1.62*minor 1 target of 3687. Wave minute (3) concluded at 3588. Minute (4) Fib targets are the 23%/38% retracements at 3453 to 3365. Ideally the minute (4) wave should hold above the 3394 pivot. Once minute (4) completes, there should be one more minute (5) wave higher than 3588 to complete minor 5 of major [1].
The alternate (blue) count is that minor 5 of major [1]-P1-C3 completed at 3588, near the minor 5 = 1.38*minor 1 target of 3580. This first drop to 3445 (thus far) is the minor A of major [2] wave. Assuming 3445 is the minor A low, then the typical 50% Fib for minor B is at 3517. After minor B, there should be a minor C wave down to the C=1.62*A target of 3285. The 23% Fib for major [2] is at 3267. The alternate (blue) wave count remains valid below the 3588 high.
House Keeping: Today is the final day of my “Summer Friday’s Off Work. Post the Labor Day Holiday, I’ll be back to making posts on Friday’s.
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.