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.

February 16th, 2016: SP-500 Mid-day/EOD Update

Posted by pugsma on February 16, 2016

11:10 am EST:  The primary (red) wave count is that minor 1 of major [3]-PC-C2 completed at 1810 and the minor 2 bounce is underway and nearly complete.   The Minor 2 wave should reach the 1884/1905 pivot and the 62%/78% Fibonacci levels of 1895/1917.  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, sloping Neckline at 1820/1867 and Price Target of 1500-1600.  Also note that on the daily chart that this minor bounce to the 1884/1905 pivot area is back-testing the head and shoulders topping pattern neckline breakdown.

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 2-16-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 2-16-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 2-16-16

SP-500 daily chart (EOD):

PUG SP-500 Daily MD 2-16-16

SP-500 weekly chart (EOD):

PUG SP-500 Weekly MD 2-16-16

Sorry, the comment form is closed at this time.

 
%d bloggers like this: