PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

January 15th, 2016: SP-500 EOD Update

Posted by pugsma on January 15, 2016

3:00 pm EST:  Today’s new low at 1858 eliminated the alternate (blue) count for the P4-C1 triangle.  However, the P4-C1 wave can still be a simple flat wave where [C]=[A] at 1848.   The primary (red) count continues to look for major [1]-PC-C2 low in the 1849/1814 pivot area.  However, there is a risk that the major [3]-PC wave down toward SPX 1600 is already underway.  More on that if the 1849/1814 support fails.

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 1858 today may have set the major [1] low or there could one more drop to the 1849/1814 pivot area early next week.  Once major [1] completes there should be a significant major [2] retrace of 50%/62% to the 1983/2015 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 flat wave with major [A] complete at 1867, major [B] complete at 2116 and now the major [C] wave down is complete 1848, where [C]=[A].  Once P4 completes, there should be impulse P5 wave to the final Cycle 1 (C1) top, with a target at  P5=0.62*P1 = 2284.

US Markets are close on Monday, Jan 18th for the MLK Holiday.

Have a great weekend !!!

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-15-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-15-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-15-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 1-15-16

SP-500 monthly chart (EOD):

PUG SP-500 monthly EOD 1-15-16

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