PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

December 19th, 2016: SP-500 Chart Update

Posted by pugsma on December 19, 2016

12:10 pm EST:  Primary (green) count wave ii-(3) of minor 3 of major [3]-P5-C1 underway with a 50%/62% retrace target of 2233/2222.   Wave ii may be in the process of completing a wave b-ii triangle (15-min chart), however a break above 2272 would indicate that wave ii completed at 2248.  Once wave ii-(3) completes, wave iii-(3) of will head above 2272 toward the minute (3)-(1) target at 2318. The minor 3 target is 2332, at the 1.23 Fibonacci extension of the minor 1 wave.  The major [3] target is at 2375, at the 1.23 Fib extension of the major [1].  Finally the P5=P5 target is 2513 to complete the Cycle 1 (C1) wave of Super Cycle V (SC-V).

Alternate (blue) count P5-C1 ending diagonal has topped at 2278 just below the 2286 maximum.  SPX price must break 2188 and 2084 in order to confirm the Cycle 2 (C2) wave down towards 1500-1600 is underway.

15-min chart:


60-min chart:


4-hr chart:


Sorry, the comment form is closed at this time.

%d bloggers like this: