PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

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

Posted by pugsma on March 24, 2016

10:20 am EST:  Major [2]-PC-C2 wave has reached the 78% retrace of 2049 (primary red count) and turned around at 2057, but still could extend to the 2079 to 2084 area (alternate blue count).   Potential targets for major [2] are the 78% retrace at 2049, the 88% retrace at 2079 and the double bottom target at 2084.   The major [2] wave remains valid below the PB-C2 high of 2116.   The SP-500 price will need to break below 1947 and then 1891 to confirm the major [2] top.

Note that the $NYMO closed below the lower BB yesterday and if does so again today then this would be a potential strong SPX buy trigger, which would favor the alternate blue count going into early April.

http://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

Have a Happy Easter Weekend !!!

SP-500 15-min chart (mid-day):

PUG SP-500 15-min MD 3-24-16

SP-500 60-min chart (mid-day):

PUG SP-500 60-min MD 3-24-16

 

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr MD 3-24-16

SP-500 daily chart (mid-day):

PUG SP-500 daily MD 3-24-16

SP-500 weekly chart (mid-day):

PUG SP-500 weekly MD 3-24-16

 

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