PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

December 20th, 2016: SP-500 Chart Update

Posted by pugsma on December 20, 2016

5:05 pm EST:  The primary (green) count is that wave (4) of minor 3 of major [3]-P5-C1 is completing as an ascending triangle with an orthodox low at 2248.  Wave (5) up should be underway with at target at (5)=0.62(1) =2328.  Also the minor 3 = 1.23*minor 1 target is 2332, so there is confluence of targets at 2328 to 2332.  Once wave (5) of minor 3 completes at 2328 to 2332 early in January 2017, there should be the first significant pull-back for the minor 4 wave down to the 23%/38% retrace target of 2272/2236.  From there minor 5 of major [5]-P5 will push higher towards 2375, where major [3]=1.23*[1].  Then there will be another significant pull-back during major [4] to the 23% retrace of major [3] at 2287.   Finally major [5] will complete near the P5=P1 target of 2513 to complete Cycle 1 (C1) wave.

The alternate (blue) count for the P5-C1 ending diagonal is dangerously close to becoming invalid at the 2286 level.   Basically the recent 2278 high must hold at the top of P5-C1.

SP-500 15-min chart:

pug-spx-15min-12-20-16

SP-500 60-min chart:

pug-spx-60-min-12-20-16

SP-500 4-hr chart:

pug-spx-4hr-12-20-16

 

 

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