PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

June 28th, 2016: SP-500 EOD Update

Posted by pugsma on June 28, 2016

3:45 pm EST:  The SP-500 price rebounded strongly today from 2000 to 2034 a triggering confirmed SPX Buy signals for the SPX lower BB and VIX Sell indicators.  The $NYMO also confirmed a 2 week old +divergence with respect to the new SPX low at 1992.  All of this indicates that the major [2]-P5-C1 (primary) or major [1]-PC-C2 (alt) low could be in place at 1992.   Conversely both wave counts could be seeing a minute (4) or minor 4 bounce up to the 2033 to 2038 area before a final wave to new lows below 1992 with a target in the 1956 pivot area. However a move above 2054 or 2050 would invalidate those counts with a wave 4 into 1 violation.  Thus if a move above 2050/2054 occurs before below 1992, then the major lows are in place for both wave counts.  For the primary (green) wave count major [3]-P5-C1 would underway headed for new all-time highs above 2135 and for the alternate (red) count this bounce from 1992 would simply be major [2] counter-trend rally that will fail below the PB high of 2121 leading to the next big from for major [3]-PC-C2 down below 1810.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 7-28-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 7-28-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr EOD 7-28-16

SP-500 daily chart (EOD):

PUG SP-500 daily EOD 7-28-16

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