PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

February 10th, 2017: SP-500 Chart Update

Posted by pugsma on February 10, 2017

10:05 am EST:   The SPX primary count is the original wave minute (5) of minor 3 of major [3]-P5-C1 move out of the wave (4) triangle.  The wave minute (5) measured move is the triangle target of 2278 + (2278-2234) = 2322.   The maximum for wave minute (5) is at 2324, so that wave minute (3) is not the shortest wave of the minor 3 impulse off the minor 2 low at 2084.  A move above 2324 would invalidate the primary count and confirm the alternate (blue) count.  Once minor 3 completes just below 2234, there would be minor 4 wave pull-back to the 23%/38% Fibonacci retrace targets of 2269/2233.

The alternate (blue) count is that minor 5 of major [3]-P5-C1 is underway off the minor 4 low at 2234.  That target for major [3] is at 2421, where [3]=1.38[1].   Lookin at the 60-min chart, within the minor 5, we have minute (1) at 2282, and minute (2) at 2267.  Wave minute (3) is underway and should target 2393, where (3)=2.62(1).

Have a 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:


Sorry, the comment form is closed at this time.