Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with Gold technical analysis, stock analysis and more. Read our technical analysis blog to learn more today.

June 2nd, 2015: SP-500 EOD Update

Posted by pugsma on June 2, 2015

4:50 pm EST:   Today saw the SP-500 test the 2099 support and it held.  There have now been 7 touches of the lower ED yellow trend-line (see 60-in chart) since late April.  The more touches on a trend-line, the higher the probability it will eventually fail.

The primary count is that wave minor 1 of major [1]-PA-C2 completed at 2099.   Wave minor 2 completed at the 78% retrace of 2127.  Wave minor 3 is likely underway and should target 2069, where minor 3 = 1.62*minor 1.  Details of the smaller waves within wave minor 3 are shown on the 15-min chart.   Major [1] should target the 2046 support area.   Cycle 1 (C1) likely topped at 2135 and the Cycle (C2) correction is underway.  However, a break of 2099, then 2068 and finally 2046 is needed for full confirmation.  Note: The primary count is valid for minor 2 below the 2135.  Above 2135, the alternate (blue) count becomes the primary.

The alternate (blue) count is that the P5-C1 Ending Diagonal (ED) pattern is extending toward the P5 = 0.5*P1 = 2172 target.  Note that the Primary 5 (P5) ED maximum is 2185=(2046 + (2120-1981)), as the requirement for an ED wave is [5] < [3] < [1].

SP-500 15-min chart (EOD):

PUG SP-500 15-min 6-2-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min 6-2-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr 6-2-15

SP-500 daily chart (EOD):

PUG SP-500 Daily 6-2-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: