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.

November 19th, 2015: SP-500 EOD Update

Posted by pugsma on November 19, 2015

5:00 pm EST:   The primary (red) count is that Primary B (PB) of Cycle 2 (C2) wave topped at 2116 and has begun the Primary C (PC) of Cycle 2 (C2) wave headed to the 1575 target area.   This first minor 1 of major [1]-PC wave completed at the 2019 pivot.   The minor 2 bounce is underway that should retrace 62%/78% to 2079/2095 before wave minor 3 drops below 1991 pivot to the 1926/1905 pivot area, where minor 3 = 1.62*minor 1.   For the minor 2 wave there is a target of (c)=(a)=2094, which is right at the 2094 pivot resistance and the 78% retrace.    The red count remains valid as long this minor 2 wave bounce remains below 2116.

The alternate (blue) count is that Primary 5 (P5) of Cycle 1 (C1) has one more push up above the 2135 level.   The 2116 level was the major [3]-P5 high and the drop from 2116 to 2019 is a typical 38% retrace (2023) for the major [4]-P5 wave.  Wave major [5] is underway from 2019 and should reach at least to the [5]=[1] target 2145.  There is also a double bottom target of 2170 and P5=0.5*P1 target at 2219.   Within major [5] there should be 5 minor waves higher.  Minor 1 of major [5] looks to have completed at 2067 (see details on the 15-min/60-min charts) and the wave 2 retrace of near 50% ended at 2046.   Wave minor 3 is under and should make a new high above 2135, where minor 3 = 2.62*minor 1 at 2169.   The blue count remains valid above the major [4] low of 2019.

SP-500 15-min chart (EOD):

PUG SP-500 15min EOD 4-19-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 4-19-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 4-19-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 4-19-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: