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.

January 5th, 2016: SP-500 EOD Update

Posted by pugsma on January 5, 2016

4:30 pm EST:   After the big drop for 2044 to 1990 yesterday, the SP-500 put in a consolidation “inside” candle between 2004 and 2022 today.  This typically occurs before another large move the next day, which fits with either wave count.  The $NYMO also closed up from -10 to the zero, showing some strength.

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) retraced 88% to 2082.   Wave (3) of minor 3 is underway and should drop below 1993, to a target of (3)=1.38(1) at 1943.  Wave i-(3) reached 2046 and now wave ii-(3) retraced 50% to 2063.  Wave iii-(3) looks to have ended at 1990, where iii=2.00*i.  Today’s move up to 2022, was a wave iv-(3) and tomorrow wave v-(3) should break below 1990.  The red count remains valid below the minor 2 high of 2104.

The 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] is completing as a minor W-X-Y Double Zig-Zag that should retrace 50%/62% to 1994/1965.  The blue count on the 15/60-min charts assumes the major [2] low is in place at 1990 and the minor 1 of major [3] wave is underway headed to the 2079 pivot.   The blue count remains valid as long the major [2] wave remains above the Primary 4 (P4) of 1872.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-5-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-5-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-5-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-5-16

Sorry, the comment form is closed at this time.

 
%d bloggers like this: