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 23rd, 2015: SP-500 EOD Update

Posted by pugsma on November 23, 2015

5:10 pm EST:   So far the waves down have not been impulsive since the 2097 high.  The $NYMO is at the zero line and threatening to confirm an IT impulsive move higher on a close above +20.   The SP-500 daily MACD is nearing a bull cross, the 200-day SMA has turned back up at 2066, and the 2079 pivot support is holding thus far.  All of this favors the alternate (blue) count playing up to a new high above 2135 going into the end of the year.   The SP-500 weekly MACD has also crossed the above the zero line and is pointing up at a 45 degree angle, which is IT bullish.  On the daily chart there is Cup & Handle (C&H) pattern with a measured move target of 2116 – (2116-2019) = 2213.  A break above 2116 will confirm the move up to 2213.

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 looks to have concluded at the 78% Fib retrace of 2095.  Wave minor 3 should now drop below 1991 pivot to the 1926/1905 pivot area, where minor 3 = 1.62*minor 1.  The first minute wave (1) of minor 3 should reach the 2046 pivot area next week (see 15/60-min charts details).   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 coming of the Primary 4 (P4) low of 1867 from August.   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 and the wave 2 retrace of near 50% ended at 2046.   Wave minor 3 is underway and should make a new high above 2135, where minor 3 = 2.62*minor 1 at 2169.  Within minor 3, wave (1) completed at 2097, wave (2) may have completed to at 2081, where c=a and now wave (3) of minor 3 is under head to a (3)=1.62(1) target of 2164 (see details on the 15/60-min charts).   The blue count remains valid above the major [4] low of 2019.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 11-23-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 11-23-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 11-23-15

SP-500 daily chat (EOD):

PUG SP-500 daily EOD 11-23-15


Sorry, the comment form is closed at this time.

%d bloggers like this: