PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

January 24th, 2017: SP-500 Chart Update

Posted by pugsma on January 24, 2017

4:45 pm EST:  The SP-500 price broke out of the 2254 to 2282 range today and hit 2285.

The primary count is that minute wave (4) of minor 3 of major [3]-P5-C1 completed at 2257 as a long-winded triangle wave.   Minute wave (5) of minor 3 should reach the 2299 to 2213 target area, where (5)=0.5(1) to (5)=0.62(1) basis the orthodox wave (4) low of 2234.  Note the wave (5) maximum is 2324, so that wave (3) is not the shortest wave of the minor 3 impulse wave up of the 2084 low.

SP-500 15-min chart:

pug-spx-15-min-1-24-17

SP-500 60-nin chart:

pug-spx-60-min-1-24-17

SP-500 4-hr chart:

pug-spx-4-hr-1-24-17

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