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 6th, 2015: SP-500 EOD Update

Posted by pugsma on January 6, 2015

5:00 pm EST:  The primary count is that minor 2 of major [3]-P5-C1 is complete at today’s low of 1992, which is near the 88% retrace of 1988 and the minute (c)=1.62*(a) target of 1984.   As long as wave minor 2 holds above 1972.56, then the primary count remains valid.   Once minor 2 is complete, minor 3 should move above 2200.  Assuming minor 2 is complete at 1992, the minor 3 = 1.62*minor 1 target is 2188.  From the 1992 low today, we have 5-waves up to 2017 for wave i-(1) of minor 3 and then 3-waves down to 2002 for wave ii-(1) of minor 3.  Tomorrow should start with a gap up and for wave iii-(1) or minor 3 headed for the iii = 2.62*i target of 2068.   Wave (1) of minor 3 of major [3] should reach the 2079 to 2094 pivot area.  Minor 3 should reach 2188 and major [3] should reach at least the [3]=[1] target of 2232.  Ultimately I’m expecting P5 to reach at least the P5 = 0.62*P1 target of 2254 my mid-year and higher targets like P5=P1 at 2524 are possible.

The alternate (blue) count is that major [C]-P4-C1 is underway since the major [B] top at 2094.  In this scenario P4-C1 is playing as a wave 3-3-5 expanded flat since the P3-C1 high at 2019 in mid-September 2014.  The 3-wave move down from 2019 to 1820 was major [A]-P4, the 3-wave move up from 1820 to 2094 was major [B]-P4 and now the SP-500 is in the very beginning stages of a 5-wave major [C]-P4.  The typical major [C]=1.62*[A] target is at 1772.    For this first move down from 2094, wave (3) of minor 1 of major [C] completed today at 1992.  Wave (4) is underway and should retrace 38% to 2019, before wave (5)=(1) heads for 1971 to complete minor 1 of major [C].   A break above 2094 would invalidate this alternate (blue) count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-6-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-6-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-6-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-6-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: