PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

August 1st, 2016: SP-500 EOD Update

Posted by pugsma on August 1, 2016

3:00 pm EST:   Wave minor 4 of major [5]-P5-C1 is completing a 23%/38% Fibonacci retrace to 2153/2137 before minor 5 of major [3] heads to the 2235 target area.  Wave minor 4 appears to taking the form of an ascending triangle that must hold above 1956 or if it breaks below 2156 then it’s a zig-zag headed for the 2135 pivot support (alt blue count label for minor 4).   The first IT (Intermediate-Term) 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 (Long-Term) scenario, both minor 3 of major [3] and major [3] itself would sub-divide and extended much higher.

Just remember the classic Technical Analysis Intermediate-term (IT) measured move break out above 2121, is 2121 + (2121-1992) = 2250, which is right at the first major [5]-P1-C5 target of 2242 and the Long-term (LT) measured move break out above 2135, is 2135 + (2135-1810) = 2460, which is right below P5=P1 = 2514 target.

SP-500 15-min chart:

PUG SP-500 15-min EOD 8-1-16

SP-500 60-min chart:

PUG SP-500 60-min EOD 8-1-16

SP-500 4-hr chart:

PUG SP-500 4-hr EOD 8-1-16

Sorry, the comment form is closed at this time.

 
%d bloggers like this: