PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

April 18th, 2016: SP-500 EOD Update

Posted by pugsma on April 18, 2016

2:50 pm EST:  The move above 2075 is setting up the daily and 4-hr chart MCAD signal for a potential negative divergence that is often a sign of a key IT/LT top.  The SP-500 price has reached the 2094 pivot.  Price must now begin to drop below 2034 or else the SP-500 price is headed for the 2200 area per the alternate (blue) wave count.

The primary (red) wave count Major [2]-PC-C2 should terminate in the 2094 pivot area.  There is a wave v=i target at 2101 to complete wave (5) of minor C of major [2].  Once major [2]-PC completes, the major [3]-PC wave should be headed down to a level well below 1810.   The major [3]=1.62*[1] target is 1579 per the daily and weekly charts below.  Ultimately PC-C2 should end in the 1575 pivot area.  The first minor 1 wave of major [3] should break below 2034 and target the 1956 pivot area.  The primary (red) count remains valid below 2116.

Alternately for the (blue) count, a move above 2116 will invalidate the primary (red) wave count indicate that PB-C2 is extending.  Note that for this scenario, the entire C2 (Cycle 2) becomes an expanded flat wave (3-3-5) with PA-C2 from 2135 to 1810 and now the PB wave target is 1.23*PA = 2210.  Once PB completes near 2200, that puts PC wave target at 1.62*PA = 1684 to complete the C2 wave.  Within the PB-C2 wave major [A] completed at 2075, major [B] at 2034 and now major [C] is underway that should reach the [C] = 0.62*[A] target of 2198.   Within major [C] wave minor 1 is completing here at the 2094 pivot area.  The alternate (blue) count remains valid above 2034.

SP-500 15-min chart (EOD):

PUG SP-500 15min EOD 4-18-16

SP-500 60-min chart (EOD):

PUG SP-500 60min EOD 4-18-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 4-18-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 4-18-16

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