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.

April 19th, 2016: SP-500 EOD Update

Posted by pugsma on April 19, 2016

4:30 pm EST:  The move above 2075 continues to set-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 upper limit 2094 pivot closing at 2101.  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.  Next there should be a minor 2 retrace of 50% back to the 2068 area, before the minor 3 wae moves to a new ATH (All-Time High) above 2135.  The alternate (blue) count remains valid above 2034.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 4-19-16

SP-500 60-min chart (EOD):

PUG SP-500 4-hr EOD 4-19-16

SP-500 4hr chart (EOD):

PUG SP-500 4-hr EOD 4-19-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 4-19-16

Sorry, the comment form is closed at this time.

%d bloggers like this: