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:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
Sorry, the comment form is closed at this time.