September 17th, 2020: SP-500 Chart Update
Posted by pugsma on September 17, 2020
7:30 pm EST: The SP-500 price gapped down from 3385 to 3345, hit 3330, bounced to 3374, dropped to 3329, bounced to 3351, dropped to 3329 and rallied to close at 3357.
Note: The outcome now looks binary: Break below 3310 and drop at least another 100 points towards 3191 or rally above 3429 and climb another 100 to 150 points to 3358.
The primary (white/green) count is that minor B of major [2]-P1-C3 wave ended at 3429 as an expanded flat from the minor A low of 3350. From the minor B high at 3429, the minor C wave lower should reach the 3258 to 3154 pivot area. The Minor C=A target is 3191. Wave minute (1) of minor C completed at 3329. Wave minute (2) should retrace 50%/62% to 3379/3391 before wave minute (3) of minor C breaks 3310 and heads for a target at (3)=1.62(1) of 3217. Wave (4) of minor C should retrace 23% to 3254, before the final minute (5) drops to the 3191 minor C=A target. The 23% to 38% Fib retrace of major [1] 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 3102. Note: the primary (white/green) wave count remains valid below the minor B high at 3429.
The alternate (blue) wave count is that major [2]-P1-C3 completed at 3310 as a sharp -7% correction. The minor 1 of major [3]-P1-C3 wave up to 3588 began from 3310. Wave minute (1) of minor 1 completed at 3419. Wave minute (2) of minor 1 was an expanded flat that retraced to 3329 just between the 78%/88% Fibs at 3336/3325. Wave minute (3) of minor 1 is underway with a target of (3)=1.62(1) at 3506. Wave minute (4) should retrace 23% to 3465, before minute (5) of minor 1 completes near the 3588 target. Note: this alternate (blue) wave count remains valid above the major [2] low at 3310.
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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