PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

December 19th, 2012: EOD Update

Posted by pugsma on December 19, 2012

4:35 pm EST:   Today went precisely as predicted.   Wave (1) of minor 3 of major [3]-P3-C3 ended at 1448 yesterday and today’s 5-wave 12 point drop to 1436 looks like a completion of wave a-ii of the pull-back predicted yesterday with targets at 1434 (38%), 1430 (50%) and 1426 (62%).  I’m expecting a 6 point, 50% retrace to 1442 for wave b-ii tomorrow, before wave c-ii completes at 1430, where c=a.   The downside target would be 1423, where c=1.62*a.   This wave ii-(3) must remain above the wave (2) low of 1412 in order to remain valid.  Once wave ii of (3) of minor 3 ends, the move up for iii-(3) should head for a 1488 target, where iii=1.62*i.

There is support in the 1422-27 zone and resistance is at the 1440 pivot range.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-19-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-19-12

AAPL looks to have completed wave (3) of minor 1 at 535 as predicted.   Wave (4) is currently underway and is likely near completion at 525, as it must hold above the wave (1) high of 517.  Assuming wave (4) ends here at 525, then the wave 5) of minor 1 target is 551, where (5)=1.62(1).  If AAPL breaks below 517, then a re-test of the 501 is likely and even a move below 501 is possible.

AAPL 15-min chart (EOD):

PUG AAPL 15-min chart EOD 12-19-12

AAPL 60-min chart (EOD):

PUG AAPL 60-min chart EOD 12-19-12

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