PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

December 1st, 2016: SP-500 Chart Update

Posted by pugsma on December 1, 2016

11:45 am EST:  The primary (green) count wave count is that since the minor 2 low at 2084, wave minor 3 of major [3]-P5-C1 is underway with a target at 2332, where minor 3 = 1.23*minor 1.  Within minor 3, minute (1) completed at 2114, and now a minute (2) wave is underway with Fib retrace targets at 50%/62% = 2164/2150.  The major [3] = 1.23*[1] target is at 2375 and the P5=P1 target is 2513 to complete the Cycle 1 wave.

The alternate (blue) wave count is that the P5-C1 wave off the 1810 P4-C1 low is playing out as an Ending Diagonal (ED) with the recent low at 2084 as major [4]-P5-C1 and this final move up as major [5]-P5-C1.   For an ED wave major [4] can overlap major [1] and there is a requirement that major [5] < [3] < [1].   That would mean that the maximum for P5 is at 2286, where [5]=[3].    The move up from 2084 to 2182 is minor A of major [5] and the triangle wave was minor B with orthodox low at 2151.   Finally minor C will move to make a marginal new high above 2194.  For the minor B orthodox low at 2151, C=0.62*A=2217 and C=A = 2249.   Also, there P5 = 0.62*P1 target at 2246 that fits well here with the ED maximum target area.

SP-500 15-min chart:


SP-500 60-min chart:


SP-500 4-hr chart:


SP-500 daily chart:


SP-500 weekly chart:


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