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.

June 7th, 2016: SP-500 EOD Update

Posted by pugsma on June 7, 2016

4:00 pm EST:   With the move above 2116 today (2119 high), we have a confirmed on going bull market with Cycle 1 (C1) of Super Cycle V (SC-V) continuing towards P5-C1 Fibonacci extension targets ranging from 2162 to 2246, to 2513 (P5=P1) over the next few months to a year.

The primary (green) wave count is that wave (1) of minor 3 of major [5]-P5-C1 peaked today at 2119.  Wave minute (2) should retrace 50%/62% to 2102/2098.   Once wave minute (2) completes, wave minute (3) should make a new ATH above 2135.  The major [5]=[1] target is at 2161 and the P5=0.5*P1 target is at 2162, which is the minimum for completing this P5-C1 wave up.  The primary (green) count remains valid above 2085.

The alternate (blue) wave count is that wave minor 1 of major [5]-P5-C1 completed today 2119.  Wave minor 2 should retrace 28%/50% to 2084/2073.   Once wave minor 2 completes, wave minor 3 should target 2224, where minor 3 = 1.62*minor 1.  The P5=0.62*P1 target is at 2246.  The alternate (blue) count remains valid above 2026.

SP-500 15-min chart (EOD):

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

SP-500 60-min chart (EOD):

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

SP-500 4-hr chart (EOD):

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

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 6-7-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly EOD 6-7-16

Sorry, the comment form is closed at this time.

%d bloggers like this: