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September 9th, 2020: SP-500 Chart Update

Posted by pugsma on September 9, 2020

5:05 pm EST:  The SP-500 price gapped up from 3332 to 3372, dropped to 3370, rose up to 3425, before closing at 3399.

The primary (white/green) count is that minor A of major [2]-P1-C3 wave ended at 3329.  The minor B wave should retrace to the 50%/62% Fib at 3459/3490 as a minute (a)-(b)-(c).  It looks today’s 96 point move up from 3329 to 3435 is the minute (a) wave or minor B.  The minute (b) wave 50% Fib is at 3377 and the (c)=(a) target is at 3473 to complete minor B.  From the minor B high, there will be a minor C wave lower to the C=A target area of 3201 to 3231.   The 23% to 38% Fib retrace target for major [2] is at 3267 to 3057.  I’d expect this major [2] wave to last several weeks to over a month and test the rising 200-day SMA that is current at 3094.

The alternate (blue) wave count is that major [2]-P1-C3 completed at 3329.  Minor A of major [2] was the drop from 3588 to 3350.  Minor B was the nearly 50% Fib retrace to 3455 and inor C of major [2] was the drop from 3455 to 3329, just below the Minor C=0.5A target of 3336.   Minor 1 of major [3]-P1-C3 is underway with an initial target area of the 3588 all-time high.  Today’s 96 point move up from 3329 to 3435 is the minute (1) wave of minor 1.   Next should be a 50% Fib retrace to 3377 for minute (2).   From there the minute (3) of minor 1 wave target is at (3)=1.62(1) or 3533.  This alternate (blue) count remains valid above the 3329 low.

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

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