PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

February 24th, 2016: SP-500 Mid-day/EOD Update

Posted by pugsma on February 24, 2016

12:10 pm EST:  The primary (red) count is that major [2] of PC-C2 played out as a flat wave that re-tested the 1947 level and the 50% Fibonacci retrace to 1964.  The major [3]-PC wave is now underway from the major [2] high of 1947.  The first minute (1) of minor 1 of major [3] completed at 1891.  The minute (2) wave should retrace 50% to 1919, before the minute (3) wave drops to the 1828 level were (3)=1.62(1).  I’d expect the minor 1 wave to reach the 1814/1775 pivot area.  The major [3]=[1] target is 1643.  The primary (red) count remains valid below 1947.

The alternate (blue) count is that major [2]-PC-C2 wave is playing out a Zig-Zag off the major [1] low of 1810.   The typical major [2] retrace targets are the 62%/78% Fibonacci retracements at 2000/2049.   The minor A of major [2] wave completed at 1947.  The minor B wave is now underway that should retrace 38%/50% to 1895/1879 before minor C of major [2] completes at or above 2000.   Minor B looks to have completed 1891.  Minor C=A = 2028.  The alternate (blue) count remains valid for minor B wave above 1810.

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 2-24-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 2-24-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 2-24-16

SP-500 daily chart (EOD):

PUG SP-500 daily MD 2-24-16

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