PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

October 3rd, 2011: Update 2 – EOD

Posted by pugsma on October 3, 2011

5:45 pm EST:   Everything again went just a predicted today.  I had two down targets (1121 and then 1101) and no upside targets on the 5-min chart from EOD Friday, Sept 30th.  Ms Market first hit my 1121 target early this morning, then rally a bit before hitting my 1101 target into the close today.

For the primary count the SP-500 may have completed wave (3) of minor 3 of major [3]-PC today at 1099.  We could see a small wave (4) bounce tomorrow to the 1113/1122 area, then a fall toward the wave (5) of minor 3 target of 1056, where minor 3 = 2.62 * minor 1.  Ultimately I’m expecting major [3]-PC to reach the 1025 area and major [5]-PC of Cycle 2 to bottom between 930 and 1010.  A word of caution here.  The primary count is pointing down in big way and the bounces higher will be weak as this PC of Cycle 2 leg down continues to its conclusion later this fall.  So we could just as easy have already put in wave (4) today near the close and tomorrow the SP-500 will gap down in wave (5) of minor 3 of major [3]-PC toward 1056.

For the alternate (clue) count the drop to 1121 this morning was wave iii-(c) of minor 3 of major [5]-PA of Cycle 2.  The bounce to 1139 was wave iv-(c) and the drop to 1099 wave v-(c) of minor 3 of major [5]-PA.  This count agrees with the lower trend line of the falling wedge being hit today and now a rally will ensue tomorrow.   Thus, we should soon see an (a)-(b)-(c) wave higher for minor 4 of major [5]-PA toward the 1136 pivot.  From there one more drop in minor 5 of major [5]-PA down to the 1087 pivot or worst case the 1061 pivot.

Support is at the 1087 pivot  and then the 1061 pivot.  Resistance is at the 1105 pivot and then the 1136 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

Sorry, the comment form is closed at this time.

%d bloggers like this: