Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with Gold technical analysis, stock analysis and more. Read our technical analysis blog to learn more today.

April 13th, 2017: SP-500 Chart Update

Posted by pugsma on April 13, 2017

2:40 pm EST:   SP-500 price continues to churn within the 2322 to 2401 range without definitive resolution.  Breaking below 2322 or above 2378 should resolve the listed wave count options.

The primary (white/green) wave count has a couple options: for both the 2322 low as either the end of major [4]-P5-C1 as a single Zig-Zag or the orthodox low of a still unfolding major [4] triangle wave.  If major [4] ended at 2322, then minor 1 of major [5] hit 2378, minor 2 retraced 78% to 2334 and now minor 3 of major [5] wave is underway and should bust through the upper yellow line and head for the minor 3 = 2.0*minor 1 target of 2446.  Ultimately the Major [5]-P5-C1 target is at 2513, where P5=P1.   If major [4] is to play-out as a triangle then minor D of major [4] will retrace to the upper yellow line around the 2366 pivot before one more minor E wave down to about 2350 before lunching above 2401 in the major [5]-P5 wave that will likely reach the P5=P1 target of 2513.  This primary wave counts remains valid above 2322.

The alternate (blue) count has major [4]-P5-C1 headed lower toward the 2278 pivot area as a double Zig-Zag.  The first Zig-Zag minor W ended at 2322.  Then a minor X wave retraced 62% to 2378.  Now the second Zig-Zag minor Y is headed for target at 2299, where W=Y.  The first minute (a) of minor Y looks to have ended at 2337 and minute (b) wave at 2354.  There should then be final minute (c) wave down to 2299. where minor Y=W which is the 23% Fib retrace for major [4].  Note there is also a lower Y=1.62*W = 2250, which is the 38% Fib retrace for major [4] and the typical wave 4 of lesser degree of 2246.  The alternate (blue) count remains valid below 2378.

Note: since major [2]-P5-C1 as a sharp (i.e. only 2 week long) single Zig-Zag, the Elliott Wave “guideline” predicts that major [4]-P5 should be a long-winded (2+ month; it’s already been 6 weeks) triangle or double Zig-Zag wave.

House Keeping:  US Markets are closed on Friday, April 14th in observance of the Easter Holiday.  The next blog update will be on Monday, April 17th.

Have a nice Easter Holiday 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.

 
%d bloggers like this: