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September 16th, 2020: SP-500 Chart Update

Posted by pugsma on September 16, 2020

5:45 pm EST:  The SP-500 price gapped up from 3401 to 3410, rose to 3429 late in the day and then dropped to close on the low at 3385.

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 at 3419.  Wave minute (b) looks like it playing out as an expanded flat wave that will retrace to the 38%/50%/62% Fibs at 3378/3364/3351.  (Note:  If prices drops below the 62% Fib at 3351, then we need to consider that the minor B wave completed at 3429 and minor C wave down is underway.)    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 as an expanded flat that will need to retrace to the 38%/50% Fibs at 3378/3364/3351.  Once wave minute (2) completes, wave minute (3) will head above 3500.  Note: this alternate (blue) wave count remains valid above the major [2] low at 3310.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP590 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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