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January 4th, 2021: SP-500 60-min Chart Update

Posted by pugsma on January 4, 2021

The primary (white/green) green wave count has minute (3) of minor 3 of major [5]-P1-C3 at today’s price high of 3770. The minute (4) wave has hit 3663 and must hold above the minute (1) high at 3646 for the primary (white/green) wave count to remain valid. Wave minute (5) of minor 3 target remains at 3916, where minor 3 = 2.0*minor 1.

Below 3646, we have the alternate (blue) wave count with minor 1 of major [5]-P1-C3 top at 3770 as a leading diagonal. The minor 2 wave lower is looking for a retrace to at least the 38%/50% Fib targets of 3566/3502.

SP-500 chart (update, 1:30 pm EST, 1-4-21):

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