December 30th, 2016: SP-500 Chart Update
Posted by pugsma on December 30, 2016
12:35 pm EST: Primary (green) count is that wave (4) of minor 3 of major -P5-C1 is playing out as a Zig-Zag with c=a target at 2244, which is also the 38% Fibonacci retrace target typical of wave (4). The primary count as labeled remains valid above the wave (1) high of 2214. Once wave (4) completes, wave (5) of minor 3 should make a new high above 2278 at a target area of 2309 to 2324.
The alternate (blue) count for the P5-C1 ending diagonal completed at 2278. The SPX must begin to impulse lower taking out 2214, 2188 and finally 2084 in order to confirm. The maximum of the alternate (blue) P5-C1 ED count is 2286, where it could become invalid.
So our 7th year here at PUG Stock Market Analysis has come to an end. It’s been yet another enjoyable year charting the SP-500. Thanks for your contributions to the blog comments and business during 2016. For 2017 some exciting new things are in store as I begin to chart many new stocks, commodities and bonds via the Add-On Service published each week on Tuesdays/Thursdays. Have a safe and happy New Year !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 weekly chart:
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