PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

July 11th, 2016: SP-500 Update

Posted by pugsma on July 11, 2016

10:55 am EST:  The SP-500 price made a new all-time high above 2135 and confirmed the primary wave count P5-C1.

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] completed at 2109 and minor 2 retraced to 2074.  The minor 3 of major [3] wave is headed to new all-time highs above 2135.  Within minor 3, wave (1) reached 2109, wave (2) dropped to 2089 and now wave (3) of minor 3 is underway headed for 2181, where (3)=2.62(1).  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.

SP-500 15-min chart:

PUG SP-500 15-min 7-11-16

SP-500 60-min chart:

PUG SP-500 60-min 7-11-16

SP-500 4-hr chart:

PUG SP-500 4-hr 7-11-16

SP-500 daily chart:

PUG SP-500 daily 7-11-16

SP-500 weekly chart:

PUG SP-500 weekly 7-11-16

SP-500 month chart:

PUG SP-500 monthly 7-11-16

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