PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

December 15th, 2015: SP-500 EOD Update

Posted by pugsma on December 15, 2015

2:10 pm EST:   The SP-500 price bounced off the 1991 pivot support and has moved up into strong overhead resistance at the 2046 pivot:

Daily Moving Average Overhead Resistance:
13-day EMA 2055 (Bear Cross below 34-day EMA)
34-day EMA 2058
50-day SMA 2059
200-day SMA 2062

Weekly Moving Average Overhead Resistance:
13-week EMA 2048
34-week EMA 2046
50-week SMA 2060

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.   Within PC, the major [1] wave is underway headed for the 1884/1905 pivot area.   This first minor 1 of major [1] wave completed at the 2019 pivot.   The minor 2 of major [1] wave ended at the 88% Fib retrace of 2104.  Wave minor 3 is underway to 1910, where minor 3 = 2.0*minor 1.   Within minor 3, wave minute (1) ended at 1993 and wave (2) is now retracing 50%/62% to 2049/2062.   Once wave (2) completes, wave (3) of minor 3 will drop below 1993, to a target of (3)=(1) at 1951.  The red count remains valid as long as the wave (2) of minor 3 remains below minor 2 high of 2104.

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 1872 from September.   The final P5 target is at either the P5=0.50*P1 at 2224 or P5=0.62*P1 at 2308.   Within P5, the major [1] completed at 2116 and now major [2] completed as a minor A-B-C Zig-Zag that should retraced 50% to 1993.   Major [3] wave is underway that will reach at least the [3]=[1] level of 2237.  Within major [3], the minor  1 wave looks to be headed for a 2064 target before a minor 2 retrace of 50%/62% to 2029/2020.  The blue count remains valid as long the minor 2 of major [3] wave remains above the major [2] low of 1993.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 12-15-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 12-15-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 12-15-15

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 12-15-15

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 12-15-15

 

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