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.

September 3rd, 2015: SP-500 EOD Update

Posted by pugsma on September 3, 2015

6:00 pm EST:  Today went as expected with the SP-500 price reaching the IHS target range of 1973 to 1983 before pulling back to 1945.  Both wave counts are still about equally probable in terms of the short-term (ST) count come here.   Which ever way it plays out ST, does not affect the IT to LT forecast of bear Cycle 2 (C2) wave continuing lower to the 1575 target into the year 2015.

The primary (white/green) count found the Primary A (PA) of Cycle 2 (C2) low at 1867.  The SP-500 is experiencing a strong bounce for the Primary B (PB) wave that should reach the 62%/78% retrace target of 2033/2076 into mid-to-late September.   After PB-C2 completes, there should be a much bigger drop for the PC-C2 wave that should reach the 1575 pivot area (i.e. the year 2007 high) into mid-year 2016.  The details for the PB wave are shown on the 15-min and 60-min charts.  It looks like the major [A]-PB wave completed at 1990.  The drop from 1990 to 1903 is between a 62% (1914) and 78% (1894) retrace for the major [B]-PB wave to the 1926/1905 pivot area.  The major [B] wave took the form of an expanded flat wave (A 1948, B 1993, C 1903).  The major [C]-PB wave is now underway likely headed for the 2046 pivot.  With in major [C] the move up to 1975 is the minor 1 wave and the nearly 50% retrace to 1945 is wave minor 2.  Wave minor up to a 2034 target, where minor 3 = 1.23*minor 1 should now be underway.  A break above 1975 and then above 1993 will confirm the move up to the 2046 pivot.  The primary count remains valid for the PB-C2 wave below the May 2015 high of 2135.

The alternate (blue) count version of the primary count has the Primary (A) of Cycle 2 (C2) wave still underway with the major [3]-PA low at 1867.  This move up from 1867 is a major wave [4] triangle.   Within major [4], the minor A wave reached 1993, minor B dropped to 1903 and the minor C wave hit the 1975 target today.   There should now be a minor D wave drop to the 1926 pivot and minor E wave up to the 1956 pivot to complete the major [4] triangle wave.  Once the major [4] triangle completes there will be a major [5] wave drop to a new low below 1867 with a major [5] = 1.62*[1] target of 1846.  There is also a 88% retrace of the P5-C1 wave up from 1814 to 2135 at a target of 1857 and 1849 pivot support to complete this PA-C1 wave.  Note that a move above 1993 would invalidate the major [4] triangle and confirm the primary count PB Zig-Zag headed for the 2033 target.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 9-3-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 9-3-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 9-3-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 9-3-15

Sorry, the comment form is closed at this time.

%d bloggers like this: