PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

January 30th, 2017: SP-500 Chart Update

Posted by pugsma on January 30, 2017

5:50 pm EST:    The SPX price drop from 2301 to 2268 so far is only a 3-wave move lower and held the triangle lower up-trend line and the 2257 triangle low.  Thus, the primary wave count remains intact targeting the 2322 triangle target for the completion of minor 3 of major [3]-P5-C1.

The alternate (blue) count remains that 2301 completed the minor 3 top and that the minor 4 wave is playing out as double zig-zag (w)-(x)-(y) to the 23%/38% retrace target area of 2251/2219.

SP-500 15-min chart:

pug-spx-15-min-1-30-17

SP-500 60-min chart:

pug-spx-60-min-1-30-17

SP-500 4-hr chart:

pug-spx-4hr-1-30-17

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