PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

June 6th, 2016: SP-500 EOD Update

Posted by pugsma on June 6, 2016

3:35 pm EST:  With the break above SPX 2111 today, the primary wave count has be replaced with the alternate (blue) count.

The primary (green) count is that Cycle 1 of Super Cycle V (C1-SCV) is on its last gasp to a marginal new All-Time High (ATH).   For this wave count, P4-C1 completed in February 2016 at 1810 and the final P5-C1 wave up has been underway ever since then.  P5 waves are typically quite weak and short in duration, so I’d expect P5-C1 to only slightly exceed 2135 (i.e. initial target of P5=0.5*P1=2162) and complete within the next month.  The initial move up off 1810 completed major [1] at 1947, major [2] at 1891, major [3] at 2111 and major [4] ended at 2026.   Basis 2026 as the a major [4] low, the major [5]=[1] target is 2161 for the completion of P5-C1.   Within major [5], the minor 1 wave completed at 2103.  Minor 2 retraced to 2085 and now minor 3 is underway headed toward a new ATH (All-Time High).  Note: on a break below 2085 minor 2 is still underway and likely headed for the 50% retrace at 2070 .   The primary (green) count remains valid for minor 2 above major [4] low of 2026.

Note:  While the P5=0.5*P1 = 2162 is the minimum target for the completion of C1.  There are higher Fibonacci targets at P5=0.62*P1 = 2246 and P5=P1 = 2513.  Thus the P5 wave count could extend.

SP-500 15-min chart (EOD):

PUG SP-500 15-min 6-7-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min 6-7-16

 

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr 6-7-16

SP-500 daily chart (EOD):

PUG SP-500 daily 6-7-16

SP-500 weekly chart (EOD):

PUG SP-500 Weekly 6-6-16

SP-500 monthly chart (EOD):

PUG SP-500 Monthly 6-6-16

 

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