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July 2nd, 2010: Update 3 – Intra-day Mid-day

Posted by pugsma on July 2, 2010

11:30pm EST:  Based on how things have developed the past two weeks, I’m thinking we are  in the later stages (i.e. waves 4 and 5) of wave [C]-P2 and not wave 1-2 of [C]-P2.   This [C]-P2 wave could stop here at the 38% fib retrace level of 1010 or it could challenge the 50% fib retrace of P1 at the 950 area.  In either case P2 would end as a single Zig-Zag (ZZ) move off the 1220 high in then next few weeks to a month.  Alternately, an X-wave move up could develop on the next rally attempt followed by a second ZZ that would target the 870 area or the 62% fib retrace of P1 going into Oct/Nov.  The 860 area is the large head and shoulders target with the 1040 neckline.   There is also an open gap at around 910 from the July 2009 rally that could be a target that needs filling on the second ZZ move.  See the daily candle stick chart below for the basic concept of the single or double ZZ for the P2 wave over the next few months.

SP-500 Daily Chandle Chart (10:14am):

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