PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

May 11th, 2016: SP-500 EOD Update

Posted by pugsma on May 11, 2016

5:35 pm EST:   The SP-500 price has entered a potential dangerous (primary count) or explosive (alternate count) area of both wave counts.  This set-up is a wave (3) move that should be nearly +/- 100 points (+/- 5%).  Key near term levels to break are 2039 down (primary) and 2084 up (alternate).

The primary (red) count is that wave (1) of minor 1 of major [3]-PC-C2 completed at 2039 and that wave minute (2) completed at the 62% Fibonacci retrace of 2084 forming the right shoulder of a head and shoulders top (2111) that measures to 2034 – (2111-2034) = 1957.    Wave (3) down is underway with a target at 1967, where (3)=1.62(1) and the minor 1 target is the 1956 pivot.   The primary (red) count remains valid below 2111.

The alternate (blue) that the minor 2 of major [C]-PB-C2 low is in place at 2039 and the minor 3 wave up is headed for 2162, where minor 3 = 1.62*minor 1.  Within minor 3, wave (1) completed at 2085 and wave (2) either completed today near 50% retrace of 2062 or will complete tomorrow at the 62% retrace of 2056.  Once wave (2) is complete, wave (3) of minor 3 will move higher to the (3)=1.62*(1) target of 2137.   Ultimately PB-C2 should reach the [C]=0.62[A] =2198 to PB=1.23*PA = 2210 target area.  The alternate (blue) count remains valid above 2034.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 5-11-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 5-11-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 5-11-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 5-11-16

 

 

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