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February 26th, 2021: SP-500 Chart Update

Posted by pugsma on February 26, 2021

2:30 pm EST: The SP-500 gapped up from 3829 to 3839, quickly hit 3853, dropped to 3790, rose to 3961 and then started to slide back down 3820 into afternoon trading with an hour an half to the close.

The primary (white/green) wave count is that minor 2 of major [5]-P1-C3 wave is completed at 3790 (62% Fib) or could test lower to the 78% Fib at 3750 . Basis minor 2 ending at 3790, the minor 3 target is at the minor 3=1.62*minor 1 of 4205. The major [5]=[1] target is at 4457 to complete P1-C3. Note: The primary (white/green) count as labeled remains valid above the 3694 low for major [4].

The new alternate (blue) wave count is 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 3790 could have completed minor C or it could still drop lower. The minor D wave should test 3930 again and minor E drop to the 3871/3827 pivot area to complete the major [4] triangle. The ascending triangle has a target of 4206 to complete major [5]-P1-C3. Note: The alternate (blue) count major [4] ascending triangle as labeled remains valid above the minor A low of 3694.

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. The first major [A]-P2 wave should target the 3694 January low.  Note: It will take a break below the major [4] low at 3694 to fully confirm that P1 top at 3950. However, the break of 3805 is warning sign that this alternate (red) count is gaining probability.

Have a great weekend !

SP-500 Seasonality:

SP500 Seasonality

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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