Friday, May 1, 2020

5/1/2020 - EOD Update

Looks like the market confirmed the end of the first five waves off the COVID-19 low to start the month off.

On my 60 min chart below, I have that marked off as wave (1). I have cleaned up some of the other counts and will treat these first five waves as wave 'a' for the bearish alternate.

The bullish alternate is that wave 1 of 5 completed. Wave 2 of 5 is underway.  This option is ruled out with the break of 2727.10; the wave 2 overlap into 1 violation.

Today's decline so far looks like five waves may be counted. So from the top of this wave structure we'll go with wave a of (2).

Targets for wave (2)  is a wide range based off past support and Fib retracement levels. I'm keeping an eye on the 2600-2800 range. I'll have a better idea for projections once wave a of (2) and wave b of (2) complete.

SPX - 60 Min


SPX - Daily
Here is the DOW. Five waves up.

DJI - 15 Min