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 21st, 2015: SP-500 EOD Update

Posted by pugsma on October 21, 2015

6:15 pm EST:  The SP-500 price turned exactly where it needed to turn (i.e. the 2046 pivot) for the primary (red) wave count  and ow it will take a follow through below the 1991 pivot to help confirm.  However, now decisive break above the 2046 pivot will likely confirm the alternate (blue) count.  Thus the SP-500 remains at inflection point between the 1991 and 2046 pivots.

The primary (red) count is that PB-C2 played out as a major [A]-[B]-[C], 3-3-5 wave structure Flat wave, that completed at 2039 in the 2046 pivot resistance band.  Wave minor 1 of major [1]-PC-C2 is underway and should target 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 flat PB=PA at 2135 and for the expanded flat PB=1.23*PA at 2197.   Within major [C]-PB, wave minor 1 completed at 2022 and wave minor 2 retraced back to the 1991 pivot.  Wave minor 3 of major [C] has been underway since the 1991 minor 2 low, with wave minute (1) of minor 3 complete at 2039.  Wave (2) should retrace about 50%/62% to 2015/2009 before wave (3) of minor 3 heads back to near the old high of 2135.  Wave (3)=2.0*(1) at 2111 and wave minor 3 = 1 at 2141.   A break below 1991 will invalidate the alternate (blue) count.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 10-21-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 10-21-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 10-21-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 10-21-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: