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 29th, 2016: SP-500 EOD Update

Posted by pugsma on January 29, 2016

1:20 pm EST:  With SP-500 1922 exceeded today, the minor 4 of major [1] alternate (blue) count is eliminated.  It’s simply now a matter of where major [2]-PC-C2 wave ends (Fib retrace 38%=1928, 50%-1964, 62%=2000).  However, no matter how high major [2] retraces the SP-500 monthly chart has now confirmed the bear market cycle degree wave (Cycle 2 of Super Cycle V) for only the third time in the past 20 years (i.e. see the montly chart 13-month EMA (2014) crossed below the 20-month EMA (2028) on the month close).

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 completed at the 1812 at the 1814 pivot area.   The major [2] wave Fibonacci retrace of 38%50%/62% to the 1928/1964/2000 area is underway.  Major [2] in simplest form will be a minor A-B-C Zig-Zag.  The first 5-wave minute degree move for minor A reached the 1905 pivot area (1909).   The minor B wave ended at the 38% retrace (1872) as a flat wave.  The Minor C wave should is underway as another 5-wave move up to the 1926/1956/1991 pivot area to complete major [2].   Once major [2] completes, the major [3] wave down begins a massive sell-off toward the PC-C2 target of 1575/1401.  The primary (red) count remains valid as long as the major [2] wave remains below the PB-C2 high of 2116.

Note the large, 2 year old, Head and Shoulders Topping Pattern that has formed on the SP-500 daily chart with Head at 2135, Neckline at 1820 and Price Target of 1820 – (2135-1820) = 1505.  The major [2]-PC bounce to 1964/2000 should form the 2nd Right Shoulder (RS2) to match LS2 at 2013 from August 2014.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-29-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-29-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 1-29-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 1-29-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly 1-29-16

SP-500 monthly chart (EOD):

PUG SP-500 monthly EOD 1-29-16

Sorry, the comment form is closed at this time.

 
%d bloggers like this: