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.

April 22nd, 2015: SP-500 EOD Update

Posted by pugsma on April 22, 2015

6:00 pm EST:  The SP-500 price is still rising within the large Primary 5 (P5) wave Ending Diagonal (ED) that began from 1820 in October of 2014.   The amount of upward price move over the past 4 months has been small as the ED reaches its Apex.  I’m looking for the SP-500 top out between 2121 and the ED maximum of 2185 over the next few weeks to a couple of months.  It should be noted that for an ED price can collapse at any point as the Apex nears.  Thus, price does not necessary have to make a new high above 2020.  A break below 2072, and then 2040/2046 would signal that the ED has likely completed.

The primary count is that major [4]-P5-C1 ended at 2046 and the final push for major [5]-P1-C1 is underway.  Within major [5], wave minor A completed at 2108 and minor B traced out an expanded flat down to 2072.  From the minor B low of 2072, the minor C wave up has been underway with a target at either C=A=2134 or C=1.62*A=2172 (Note P5 = 0.5*P1 = 2172).  Within minor C, wave (1) completed at 2110, wave (2) completed at the 50% retrace target of 2091 today and now wave (3) should target the 1.62*(1) extension at 2153.  Note that the ED maximum is 2185=(2046 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].

On a break below 2040/2046 we will have a confirmed Cycle 1 (C1) top.   Once we found the C1 top, the Cycle 2 (C2) wave is likely headed for the 50% Fibonacci retrace area of 1419 over the next year.  The first Primary A (PA ) wave of C2 is likely to reach the 1814 pivot area (-15% correction).

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-22-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-22-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-22-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 4-22-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 4-22-15

Sorry, the comment form is closed at this time.