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.

October 16th, 2015: SP-500 EOD Update

Posted by pugsma on October 16, 2015

4:35 pm EST:   SP-500 price ended today at the 62% Fibonacci retracement target of 2033 for the PB-C2 wave.

The primary (red) count is that PB-C2 played out as a major [A]-[B]-[C], 3-3-5 wave structure Flat wave, that should complete in the 2019 pivot to 2046 pivot resistance band.   There are a confluence of targets between the major [C]=[A]=2026, 62% retrace at 2033 and the minor 5=1=2046.  There is also the 200-day SMA (2060) and 50-week SMA (2060) that should cap this PB-C2 wave.  Once PB-C2 completes between 2033 and 2046, there should be a minor 1 of major [1]-PC-C2 wave move down to the 1956 pivot.  Major [1]-PC should target the 1814 pivot and ultimately PC-C2 will back-test the year 2007 top at 1575.

The alternate (blue) count is that PB-C2 will re-test the old 2135 high or slightly above as Cycle 2 (C2) plays out as a flat or expanded flat.  For the PB there is major [C]=1.62[A] target at 2121 and the 88%/100% retrace is at 2103/2135.   Within major [C]-PB, wave minor 1 should complete by the 2046 pivot to be followed by the minor 2 wave retrace of 38%/50% to 1980/1959.  I’d expect the retracement for minor 2 to be smaller than usual here and hold above the 1953 to 1956 weekly gap.  A break below the 1953 to 1956 weekly gap would indicate the primary (red) count is likely playing out, however the alternate (blue) count would remain valid for minor 2 above 1872.

Have a wonderful weekend !!!

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 10-16-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 10-16-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 10-16-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 10-16-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 10-16-15

SP-500 Weekly Chart Year 2007-08 versus 2015-2016 Comparison:

PUG SP-500 Weekly Chart Years 2007-08 vs 2015-16 Comparison 10-16-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: