PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

January 14th, 2016: SP-500 EOD Update

Posted by pugsma on January 14, 2016

5:30 pm EST:   Today’s new low at 1879 may or may not be the final low per the primary (red) wave count for major [1]-PC-C2.  However it must be the final low for the alternate (blue) count, as the limit is 1867 for the P4-C1 triangle.   The minimum criteria for an IT bottom (lasting a few weeks to month) was set today.  And even if there is a new low below 1879, I would not expect it to exceed the 1849 pivot area.

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 pivot target area.   Within PC, the major [1] wave is nearing completion at the 1884/1849 pivot area.   The low of 1879 today may have set the major [1] low or there could one more drop to the 1849 pivot area.  Once major [1] completes there should be a significant major [2] retrace of 50%/62% to the 1991 to 2019 pivot area before the major [3] wave down begins a massive sell-off toward the PC-C2 target of 1575.  The primary red count remains valid below the Primary B (PB) high of 2116.

The alternate blue count is a large P4-C1 triangle with major [A] complete at 1967, major [B] complete at 2116 and now the major [C] wave down is complete 1879.   Next there should be a major [D] wave up to the 2079 pivot and then a final major [E] wave down to the 1956/1926 pivot to complete P4-C1.  Once P4 completes later this spring to early summer, there should be impulse P5 wave to the final Cycle 1 (C1) top, with targets at P5=0.50*P1 = 2224 and P5=0.62*P1 = 2308.  The alternate blue count remains valid above the major [A] low of 1867.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-14-16

SP-500 60-min chart (EOD):

PUG SP-500 4-hr EOD 1-14-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-14-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-14-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 1-14-16

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