February 22nd, 2021: SP-500 Chart Update
Posted by pugsma on February 22, 2021
5:20 pm EST: The SP500 gapped down from 3907 to 3885, quickly hit the day’s low at 3875, rallied to 3903 and dropped into close to close at 3877.
For the primary (white/green) count the minor 2 of major [5]-P1-C3 target is the 38% Fib of 3853. Below that is the 50%/62% Fib at 3822/3791, which I have labeled as the alternate (blue) count. Note, there is a bearish head and shoulders pattern with head at 3950, neckline at 3385 and target of 3820. Note: the SP500 closed below the neckline at 3877 making this H&S pattern likely to play out.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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