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.

December 9th, 2016: SP-500 Chart Update

Posted by pugsma on December 9, 2016

9:50 pm EST:  The primary (green) count wave count is that 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, minute (2) wave ended at 2188 the Fib retrace target of 23% = 2184 and now wave minute (3) of minor 3 of major [3] is underway.  Wave (3)=(1) at 2318.   The major [3] = 1.23*[1] target is at 2375 and the P5=P1 target is 2514 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.  Since the minor B low at 2151, the minor C wave has been underway.  The minor C wave targets are 2249, where C=A and 2272, where C=1.23*A.  Also, the P5 = 0.62*P1 target is at 2246 and this fits well here with the ED maximum target area.

Have a great weekend !!!

SP-500 15-min chart:


SP-500 60-min chart:


SP-500 4-hr chart:


SP-500 daily chart:


SP-500 weekly chart:


Sorry, the comment form is closed at this time.

%d bloggers like this: