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.

January 18th, 2012: Update 2 – Afternoon/EOD

Posted by pugsma on January 18, 2012

4:05 pm EST:  Check out this SP-500 Weekly Candles Chart with the MCAD shown below the price.  When the weekly MACD cross above zero and is pointing higher at a 45 deg angle, you should be looking to “buy the dips” as the SP-500 upward price movement has good momentum that could last 2 to 3 more months.  Which in this case, would carry the SP-500 price to my 1400 to 1440 price target for the conclusion of P1-C3.

SP-500 Weekly Candles (EOD):

3:00 pm EST:  Is there anything more exciting and rewarding than a bull market minor 3 of major [3] wave?  Nope, not to me as an Elliott Wave Technician who over 2 years ago called the March 2009 generational bottom at SP-500 667 the end of Super Cycle Degree IV.   🙂

Primary count is that wave v-(5) of minor 3 of major [3]-P1-C3 is finishing up near the v=1.62*i target of 1307 or the (5)=(1) target of 1319.   For this area there should be a significant correction in time, if not price for minor 4.   The minor 4 targets are in the 1282/1292 (23% retrace of minor 3) or 1267/1275 (38% retrace) area depending of minor ends at 1307 or 1319.  Minor 4 should remain above the minor 1 high of 1267 to remain valid.

The new alternate (blue) count variant to the primary count above is that wave i-(5) of minor 3 is just ending here near 1307.  There should be about a 50% retrace to the 1291 pivot area for wave ii-(5) before wave iii-(5) heads for 1340.   The ultimate target for wave v-(5) of minor is 1344, where (5)=1.62*(1).   There is also a minor 3 = 1.23*minor 1 target at 1336.

SP-500 5-min chart (3:30 pm):

SP-500 15-min chart (2:50 pm):

SP-500 60-min chart (3:09 pm):

SP-500 4-hr chart (EOD):

SP-500 Daily chart (EOD):

 

Sorry, the comment form is closed at this time.

 
%d bloggers like this: