PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

December 20th, 2012: EOD

Posted by pugsma on December 20, 2012

5:50 pm EST:   For the primary count the drop to 1432 today looks like the completion of wave a-ii-(3) of minor 3 of major [3]-P3-C# and the rise to 1444 the completion of wave b-ii-(3).    I’m now looking for another 16 point drop for wave c-ii down a c=a target of 1428.  This is right in the 50%/62% retrace target zone of 1430/1426 for wave ii-(3).

There is potential variant alternate (blue) count that 1432 ended wave ii-(3) and now wave iii-(3) up has begun.   A move above the 1440 pivot upper range of 1447 would confirm.

Support is at the 1422-1427 zone and resistance in the 1440 pivot range.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-20-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-20-12

Sorry, the comment form is closed at this time.

 
%d bloggers like this: