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February 25th, 2021: SP-500 Chart Update

Posted by pugsma on February 25, 2021

3:05 pm EST: The SP-500 gapped down from 3925 to 3915, then slide down to a day’s low at 3825, rallied to 3871 and is falling again at 3847.

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. Note: The primary (white/green) count as labeled remains valid above the 3805 minor 2 low. However, IF minor 2 is not complete it could drop below 3805 but must remain above the major [4] low at 3694.

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, 3805 was minor C and minor D was 3930. The minor E pull-back ended at 3825 between the 78%/88% Fib retrace at 3833/3820. The major [5]-P1 wave target is the triangle target of 4206. Note: The alternate (blue) count ascending triangle as labeled remains valid above the minor C low of 3805.

The alternate (red) is that P1-C3 topped at 3950. P2 wave should correct to at least to the 38% Fib retracement of the P1 wave up from 2192 to 3950, which is at 3282. Note: It will take a break below the major [4] low at 3694 to fully confirm that P1 top at 3950. However, a break of 3805 is warning sign that this alternate (red) count is gain probability.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500  Technical Analysis

SP-400 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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