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 2nd, 2015: SP-500 EOD Update

Posted by pugsma on January 2, 2015

4:40 pm EST:  The primary count is that wave 1 of major [3]-P5-C1 ended at 2094 at the (5)=0.62*(1) target of 2093.   The minor 2 correction is well underway and is complete or nearly complete today at 2046 wich is near the Fibonacci retrace 38%/50% target of 2048/2034.   Once wave minor 2 is complete, wave minor 3 of major [3] should grind much higher to above 2350, where wave minor 3 = 2.62*minor 1 at 2365.  Ultimately major P5-C1 should reach the P5=P1 target of 2524 over the next 9 to 12 months.

The alternate (blue) wave count has been modified to be the same as the primary count except that P5-C1 will top out lower in price and sooner in time than the primary count.  Wave minor 2 of major [3] is complete or nearly compete at the 38%/50% retrace target 2048/2034.   Once wave 2 is complete, wave should head for the minor 3 =0.62*minor 1 target of 2121 and wave major [3] should complete at the 0.62*[1] target of 2131.  Ultimately P5-C1 should reach either the P5 = 0.5*P1 = 2171 or P5 = 0.62*P1 = 2254 target over the next 1 to 3 months.

For both wave counts wave minor 2 remains valid above the major [2] low of 1973.

SP-500 15-min chart (EOD):

PUG SP-500 15min EOD 1-2-15


SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-2-15

SP-500 4-hr chart (EOD):

PUG SP-500 4hr EOD 1-2-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-2-15

Sorry, the comment form is closed at this time.

%d bloggers like this: