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.

September 20th, 2016: SP-500 Chart Update

Posted by pugsma on September 20, 2016

3:45 pm EST:  Well we have journeyed to the last day of summer in order to determine if the market will rise or fall.   SP-500 price has run out of room in the up-channel (primary) and has reached the end of the triangle (alt blue count).   Consequently a large move in either direction is likely tomorrow.

The primary (green) wave count is that the major [4]-P5-C1 correction completed at the 38% Fibonacci retrace target of 2119 (2117).  With the SPX major [4]-P5 wave move below the major [1]-P5 high of 2121, it means that the P5-C1 wave is playing out as an Ending Diagonal (ED) that must complete below 2321, where major [5] < [3] < [1].   Minor A of major [5]-P5 is underway as a 5-wave move up of the 2119 major [2] low to a target in the 2207 area.   Wave (1) of minor A completed at 2163 and wave (2) retraced nearly 100% to 2120.  Wave (3) is currently underway with an initial target of 2191, where (3)=1.62*(1).  Once wave minor A completes around 2207, there should be a minor B consolidation above the 2176 pivot before the final minor C of major [5] rises to the P5=0.62*P1 target at 2246.

The alternate (blue) wave count is that wave minor 2 of major [3]-P5-C1 is playing out as a double Zig-Zag to a Fibonacci retrace target of 50%/62% at 2093/2069.   Wave (w) of minor 2 completed at 2119 and wave (x) at 2163.  Wave (y) of minor is currently underway headed for (y)=(w) target of 2088.   From a minor 2 low at 2093, the minor 3 = 1.23*minor 1 target is 2342.   The major [3] target is at 1.62*[1] = 2496.  The P5=P1 target is 2514 to complete the Cycle 1 wave.  Note alternate (blue) count would be confirmed on a move above 2321, which invalidates the primary (green) ED P5-C1 count.

The alternate (red) wave count has topped major [5]-P5-C1 at 2194 and the LT (long-term) Cycle (C2) wave down towards a 50% Fibonacci retrace of C1 at 1428 is about to get underway.  It will take a break above 2194 invalidate the (red) count and below 1992 to confirm it.

SP-500 15-min chart:

pug-sp-500-15-min-9-20-16

SP-500 60-min chart:

pug-sp-500-60-min-9-20-16

SP-500 4-hr chart:

pug-sp-500-4-hr-9-20-16

SP-500 daily chart:

pug-sp-500-daily-9-20-16

Sorry, the comment form is closed at this time.

 
%d bloggers like this: