PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

July 20th, 2016: SP-500 EOD Update

Posted by pugsma on July 20, 2016

5:10 pm EST:   The SP-500 price continues to very close follow the E-wave primary count shown the 15-min chart.  Wave (5) of minor 3 of major [3]-P5-C1 is underway from 2156 headed for a 2191 first target area, where minor 3=1.  There should then be a 23% Fibonacci retrace to 2164 for the minor 4 wave before minor 5 of major [3] heads to the 2235 target area.   The first P5-C1 wave target completion area is at 2246, where P5=0.62*P1.  However there is a much higher target at P5=P1 = 2514.  In this more bullish LT scenario, both minor 3 of major [3] and major [3] itself would sub-divide and extended much higher.

SP-500 15-min chart:

PUG SP-500 15-min EOD 7-20-16

SP-500 60-min chart:

PUG SP-500 60-min EOD 7-20-16

SP-500 4-hr chart:

PUG SP-500 4-hr EOD 7-20-16

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