PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

February 9th, 2016: SP-500 EOD Update

Posted by pugsma on February 9, 2016

4:15 pm EST:  It’s all a matter now of whether the SP-500 price takes the elevator (red count) or stairs (blue count) to the Cycle 2 (C2) price target of 1500-1600 that I’ve been calling for since the May 2015 Cycle 1 (C1) top.

The primary (red) count is that major [2]-PC-C2 ended near the 50% Fib retrace of 1947 as a single Zig-Zag.   The major [3] wave is underway with an initial target of 1643, where [3]=[1].  Within major [1], wave minor 1 is target 1797 before a bounce of 50%/62% retrace to 1872/1890 for minor 2.    Once minor 2 completes, the strongest wave down, minor 3 of major [3] will begin.  The primary (red) count remains valid for the minute (4) of minor 1 wave ending today at 1868, below the wave (1) low of 1872 which is also the 15-min chart head and shoulders neckline.  Break above 1872 and the alternate (blue) is likely the path forward.

The alternate (blue) count is that major [2]-PC-C2 is still ongoing and is targeting the 50% Fib retrace of 1964 to complete at a 3-3-5 flat wave.   The move up from the major [1] low of 1812 to 1947 was only minor A of major [2].  The more recent move down to 1828 wave minor B of major [2].  Now the minor C wave of major [2] up is underway with a target of C=A = 1963.  The alternate (blue) count remains valid above 1828.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 2-9-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 2-9-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 2-9-16

SP-500 daily chart (EOD):

PUG SP-500 Daily EOD 2-9-16

 

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: