PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

November 11th, 2016: SP-500 Chart Update

Posted by pugsma on November 11, 2016

12:05 pm EST:  The primary (white/green) count wave count is that wave (3) of minor 3 of major [3]-P5-C1 is underway with initial target at (3)=2.62*(1) = 2290.  The minor 3 target is at 2332, where minor 3 = 1.23*minor 1, the major [3] = 1.23*[1] target is at 2375 and the P5=P1 target 2513 to complete the Cycle 1 wave.  A very bullish IT-LT outcome indeed.  The SP-500 price must now hold above 2125 and 2085 and move above 2194 for full confirmation.

Alternatively (blue count) is that wave (1) of minor 3 of major [3]-P5-C1 ended today at 2182 and now a 50%/62% correction to 2133/2121 for wave (2) is underway.  From there wave (3)=1.62*(1) = 2192.  The minor 3 target is at 2332, where minor 3 = 1.23*minor 1, the major [3] = 1.23*[1] target is at 2375 and the P5=P1 target 2513 to complete the Cycle 1 wave.

Have an Awesome Weekend !!!

SP-500 60-min chart:

pug-sp-500-15-min-11-11-16

SP-500 4-hr chart:

pug-sp-500-60-min-11-11-16

SP-500 daily chart:

pug-sp-500-daily-11-11-16

SP-500 weekly chart:

pug-sp-500-weekly-11-11-16

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