PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

June 15th, 2016: SP-500 EOD Update

Posted by pugsma on June 15, 2016

4:20 pm EST:   Today the SP-500 rallied to 2086, but failed to close above the critical 2085 level I’ve been mentioning the past 2 days and closed down at 2071.

The primary (green) wave count is that wave minor 1 of major [5]-P5-C1 peaked at 2121 and wave minor 2 retraced 62% to 2064.   The minor 3 of major [5] wave should be underway and will make a new ATH above 2135.  Basis minor 2 at 2064, minor 3=1 at 2159.  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 2064.

The alternate (blue) wave count is that wave minor 1 of major [5]-P5-C1 completed at 2121.  Wave minor 2 is in the process of completing 78%/88% Fib retrace to 2047/2037.   Once wave minor 2 completes, wave minor 3 should target 2201, where minor 3 = 1.62*minor 1.  The P5=0.62*P1 target is at 2246.  The alternate (blue) count remains valid above 2026.

The second alternate (pink) wave count is that major [1]-P5-C1 peaked at 2121.  The major [2] correction is underway that should retrace 38%/50% to 2003/1966 over the next couple of weeks.  The drop from 2121 to 2064 could have been minor A of major [2] and the bounce to 2086 was minor B.  Now minor C is underway and could target C=1.62*A = 1994.  Once major [2] completes, major [3] should head much higher above 2400 to a target of major [3]=1.62[1] = 2470 (basis major [2] = 1966).   The P5=P1 target is at 2513.  The second alternate (pink) wave count remains valid above the P4 low at 1810.

SP-15-min chart (EOD):

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

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 6-15-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 6-15-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 6-15-16

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