September 11th, 2020: SP-500 Chart Update
Posted by pugsma on September 11, 2020
7:05 pm EST: The SP-500 price gapped up from 3339 to 3352, rose to 3469 then dropped to a day’s low at 3310 and closed at 3341.
Note: Today’s low at 3310 completed a potential bullish falling wedge (3-push down pattern) and ending diagonal that completed both wave counts low. The Ending Diagonal has maximum level of 3299, so there could still be a little more down move on Monday, if need be
The primary (white/green) count is that minor A of major [2]-P1-C3 wave ended today at 3310. The minor B wave should retrace to the 50%/62% Fib at 3449/3482 (Basis 3310) as a minute (a)-(b)-(c) wave. From the minor B high, the minor C wave lower should reach the 3258 to 3154 pivot area. 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 two month and test the rising 200-day SMA that is currently at 3096.
The alternate (blue) wave count is that major [2]-P1-C3 completed today at 3310. Minor A of major [2] wave was the drop from 3588 to 3428. Minor B was the move up to 3480. The minor C=A target was 3319 and today’s 3310 low satisfied this. The minor 1 of major [3]-P1-C3 wave up to 3588 likely began today from 3310.
Have a great weekend !
SP-500 5-min chart.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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