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.

August 3rd, 2015: SP-500 EOD Update

Posted by pugsma on August 3, 2015

3:05 pm EST:  As expected the move up late last ended in the 62%/78% retrace area of 2107/2118 and new wave down has begun.

The primary (white/green) count is that wave minor 3 of major [3]-PA-C2 is underway with minor 2 of major [3] complete at 2114.   The minor 3 of major [3] will head below 2000, where major [3]=1.62*[1] at 1986.   Within minor 3, wave (1) should reach 2066, wave (2) to 2090 and wave (3) to 2012 (see the 15-min and 60-min chart for details).   Ultimately PA-C2 should reach at least 1954 (62% retrace of the P5-C1 Ending Diagonal) and maybe 1889 (78% retrace of the P5-C1 Ending Diagonal).  The primary count remains valid for minor 2 wave below 2133.

The alternate (blue) count is that the Primary 5 (P5) of Cycle 1 (C1) Ending Diagonal (ED) is extending from the recent major [4]-P5-C1 low of 2044.   The final wave up for major [5]-P5 is underway and should unfold at a 3-wave, minor A-B-C.  Wave minor A reached the 2135 pivot (2133) and the minor B wave retraced 78% to 2063.  Minor C is now underway and should complete major [5]-P5-C1 near the P5 = 0.5*P1 target of 2172.  Within minor C, wave (1) reached 2114, wave (2) is underway and should complete at the 50%/62% retrace of 2089/2083.   Once wave (2) completes, wave (3) should make a new high above 2315 (see 15-min and 60-min chart for details).  Note: the ending diagonal maximum (i.e. wave [5] < [3] < [1]) for this primary wave count is at 2044 + (2135-1981) = 2198.  The alternate (blue) counts remain valid above the recent 2044 low.   It will take a break of the 2046 pivot area to confirm the Cycle 1 (C1) top is in place per the primary count.

SP-500 15-min chart (EOD):

PUG 15-min chart EOD 8-3-15

SP-500 60-min chart (EOD):

PUG 60-min chart EOD 8-3-15

SP-500 4-hr chart (EOD):

PUG 4-hr chart EOD 8-3-15

SP-500 daily chart (EOD):

PUG daily chart EOD 8-3-15

Sorry, the comment form is closed at this time.

%d bloggers like this: