PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

February 11th, 2016: SP-500 EOD Update

Posted by pugsma on February 11, 2016

5:00 pm EST:   The SP-500 closed below the key 1849 pivot support for the first time in 2 years.

The primary (red) wave count is that minor 1 of major [3]-PC-C2 completed today at 1810 or will need some push lower to near the 1775 pivot in the next few days (blue labels).  Assuming minor 1 did end today at 1810, then the minor 2 retrace targets are the 50%/62% Fibonacci levels of 1879/1895.  Once minor 2 completes minor 3 of major [3] will target the 1678 pivot area where minor 3 = 1.62*minor 1.   The major [3] =[1] target is at 1643.   PC-C2 should complete at the 1575 pivot.  The primary (red) count remains valid for minor 2 of major [3] below 1947.

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.

Have a wonderful Holiday Weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 2-11-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 2-11-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 2-11-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 2-11-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 2-11-16

 

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