PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

November 30th, 2015: SP-500 EOD Update

Posted by pugsma on November 30, 2015

5:10pm EST:  The 5-min chart looks like a bull flag off the Nov 25th, SPX 2094 high.  Target is 2094 + (2094-2081) = 2107.

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 of major [1] bounce should end at the 78%/88% Fib retrace of 2095/2104.  After wave minor 2 completes, wave minor 3 should drop below 1991 pivot to the 1926/1905 pivot area, where minor 3 = 2.0*minor 1.   The red count remains valid as long as the minor 2 of major [1] wave remains below the PB high of 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 double bottom target of 2170 or the P5=0.5*P1 target at 2219.   Within major [5] there should be 5 minor waves higher.  Minor 1 of major [5] completed at 2097 and wave minor 2 retraced 38% to 2070 thus far.  If minor 2 did not complete at 207o, then minor 2 might need to drop to the 50% retrace of 2058.   Once minor 2 is complete and minor 3 is underway, then minor 3 will make a new high above 2135, where minor 3 = 1.38*minor 1 at 2178.  The blue count remains valid as long as the minor 2 of major [5] wave remains above the major [4] low of 2019.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 11-30-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 11-30-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 11-30-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 11-30-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 11-30-15


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