September 15th, 2020: SP-500 Chart Update
Posted by pugsma on September 15, 2020
5:35 pm EST: The SP-500 price gapped up from 3382 to 3407, rose to 3419 then dropped to 3389 and closed at 3401.
The primary (white/green) count is that minor A of major [2]-P1-C3 wave ended at 3310. The minor B wave should retrace to the 38%/50%/62% Fib at 3416/3449/3482 (Basis 3310) as a minute (a)-(b)-(c) wave. Wave minute (a) completed today at 3419. Wave minute (b) maybe have completed today at 3389 or will need to retrace to the 38%/50% Fibs at 3378/3364. Once wave minute (b) completes, minute (c) will complete minor B at 3454 to 3482 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 at 3310. Minor A of major [2] wave was the drop from 3588 to 3428. The minor 1 of major [3]-P1-C3 wave up to 3588 began today from 3310. Wave minute (1) of minor 1 completed today at 3419. Wave minute (2) is underway and may have completed today at 3389 or will need to retrace to the 38%/50% Fibs at 3378/3364. Once wave minute (2) completes, wave minute (3) will head above 3500.
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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