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February 24th, 2021: SP-500 Chart Update

Posted by pugsma on February 24, 2021

6:10 pm EST: The SP-500 gapped down from 3881 to 3873, quickly hit the days low of 3860, then rallied all today to close near the high (3930) at 3925.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 wave up is underway from the minor 2 low at 3805. The minor 2 target is at the minor 3=1.62*minor 1 at 4220. The major [5]=[1] target is at 4457 to complete P1-C3.

The new alternate (blue) wave count is subtle variation of the primary wave count that has the major [4]-P5-C3 wave sill underway as an ascending triangle. The 3694 low was minor A of major [4], 3950 was minor B, and 3805 was minor C. Now minor D is targeting the 3950 high. There will then be small minor E pull-back to the 50% Fib at 3878 before the major [5]-P1 wave kicks off towards the triangle target of 4206.

Note: For both wave counts, breaking the 3694 low would confirm the P1-C1 top can be called.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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