PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

January 27th, 2017: SP-500 Chart Update

Posted by pugsma on January 27, 2017

2:15 pm EST:   Nothing has changed with today’s very small SPX price movement.

The primary count is that minute (5) of minor 3 still has bit of room to run up the 2nd target of 2313, where (5)=0.62(1).  The maximum for wave (5) is at 2324, so that wave (3) is  not the shortest of the minor 3 impulse wave up off the minor 2 2084 low.  Once the minor 3 wave completes at 2313, the minor 4 wave should consolidate into the 23%/38% Fibonacci retrace area 2261/2226.

The alternate (blue) count is that wave (5) of minor 3 topped today at the 1st target area of 2301, where (5)=0.5(1).  A break below 2284/2282 should be good indicator of the wave (5) of minor 3 completion and the start of the minor 4 wave lower.  The minor 4 wave should consolidate into the 23%/38% Fibonacci retrace targets of 2251/2219.

Both wave counts line up with the market fact that February historically is down month (-2% to -3%) is during the post-election year of the 4-year Election Cycle (see chart from seasonax.com below).  However, this February low, typically set-ups for a nice bull run (+7% to +8%) into July-August.

Have an 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:


SP-500 monthly chart:


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