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.

May 12th, 2016: SP-500 EOD Update

Posted by pugsma on May 12, 2016

6:00 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) completed today near the 62% retrace of 2056.  Wave (3) of minor 3 should now move higher to the (3)=1.62*(1) target of 2126.   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):

SP-500 15-min EOD 5-12-16

SP-500 60-min chart (EOD):

SP-500 60-min EOD 5-12-16

SP-500 4-hr chart (EOD):

SP-500 4-hr EOD 5-12-16

SP-500 daily chart (EOD):

SP-500 daily EOD 5-12-16

SP-500 weekly chart (EOD):

SP-500 weekly EOD 5-12-16

SP-500 monthly chart (EOD):

SP-500 monthly EOD 5-12-16


Sorry, the comment form is closed at this time.

%d bloggers like this: