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.

March 21st, 2017: SP-500 Chart Update

Posted by pugsma on March 21, 2017

3:05 pm EST:   With the break of 2353, we have finally confirmed the major [3]-P5-C1 top at 2401.   However, there are still a couple possibilities of how quickly and deeply this major [4]-P5-C1 wave will end.

The primary (green) count is that major [4]-P5-C1 is in wave minor A of major [4] headed for the 2306 area.  There should then be a minor B bounce back to the 2366 pivot before minor C of major [4] reaches the 38% Fibonacci retrace of major [3] at 2246.   This 2246 area is also the wave 4 of previous degree (i.e. minor 4 of minor [3]).

The new alternate (blue) count is major [4]-P5-C1 is actually in the late stages of minor C that should end here between C=A =2343 and C=1.62*A=2314.  This is consistent with a shallow major [4] Fibonacci retrace at 23% = 2307.

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

SP-500 daily chart:


Sorry, the comment form is closed at this time.

%d bloggers like this: