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 29th, 2016: SP-500 MD/EOD Update

Posted by pugsma on June 29, 2016

11:50 pm EST:  The SP-500 price broke through the 2050/2054 area and confirmed the 1992 low.

The primary (green) wave count is that major [2]-P5-C1 bottomed at 1992 and that major [3]-P5-C1 up to new all-time highs is underway.  Minor 1 of major [3] is likely headed for the 2079/2094 pivot area.  From there the minor 2 wave  should retrace 38%/50% to the 2046 pivot area.  The initial major [3] target is at 2185, where [3]=0.62[1], however there are much higher targets are [3]=[1] = 2303 and [3]=1.62[1] = 2495.   The initial P5-C1 target is 2246, where P5=0.62*P1, however there is a much higher target at 2514, where P5=P1.   The primary wave count remains valid above the 1992 major [2]-P5 low.

The alternate (red) wave count is that minor 1 of major [3]-PC-C2 bottomed at 1992 that this bounce is minor 2 of major [3].  The minor 2 targets are at 62%/78% Fib retracements of 2068/2086.  Once minor 2 completes, minor 3 of major [3] should get underway making a new low below 1810.  The initial minor 3 target is at 1750, where minor 3 = 2.62*minor 1.  However, there is a lower minor 3 target at 1525, where minor 3 = 4.21*minor 1.   Ultimately the C2 wave should bottom in the 1577 to 1401 area.  The alternate wave count remains valid below the 2113 major [2]-PC level.

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 6-29-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 6-29-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 6-29-16

SP-500 daily chart (EOD):

PUG SP-500 daily MD 6-29-16

SP-500 weekly chart:

PUG SP-500 weekly MD 6-29-16


Sorry, the comment form is closed at this time.

%d bloggers like this: