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.

February 1st, 2012: Update 2 – EOD

Posted by pugsma on February 1, 2012

4:45 pm EST:  Even with the move up to 1330 today all three count options from yesterday are still in play:

  • Primary count is a that today’s move to 1330 was a (b) wave of the triangle with waves (c)-(d)-(e) yet to come in order to complete minor 4 of major [3]-P1-C3.   Those three wave should remain inside the 1300 to 1330 boundary of the minor 4 triangle before minor 5 blasts off towards the 1376 target.
  • 1st Alternate (blue) count is that today’s move to 1330 ended wave i-(3) of minor 5.  Wave ii-(3) of minor 5 should hold above the 1315 pivot with targets of a 50% retrace to 1318 or a 62% retrace to 1315.  From there wave iii-(3) of minor 5 should head for the 1363 pivot.  Ultimately minor 5 should reach the 1376 target.
  • 2nd Alternate (red) count is either a double ZZ or flat for minor 4 with wave (x) or (b) ending at 1330 today and now a 33 drop down to 1297 is underway.  Again once complete minor 5 will head for the 1376 target.

Support is at the 1315 pivot, then 13o3 pivot.  Resistance is at the 1333 previous high.

SP-500 15-min chart (EOD):

Sorry, the comment form is closed at this time.

 
%d bloggers like this: