Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

October 29th, 2018: SP-500 Chart Update

Posted by pugsma on October 29, 2018

5:10 pm EST:   Potential bullish falling wedge on the 60-min chart with strong MACD +DIV.    $NYMO also displaying strong +DIV.

The primary (red) count is still searching for the major [1]-PA-C2 bottom.  Today’s new low at 2604, held the 2595 pivot and quickly rebounded to the 2641.   I’m still looking for a significant major [2]-PA-C2 wave rally to materialize soon.  I’d expect a strong 62% to 78% Fibonacci retracement to 2813/2867 for the major [2] wave, before a much larger major [3] wave drop.

Alternate (blue) count wave degree moved from minor to major degree, with similar forecast for a new major [5]-P5-C1 move to all-time new high at 3000 to 3200.  Looking for major [4] of P5-C1 to hold the wave of previous degree (minor 4 of major [3]) low of 2595.  The C=A target for major is 2587.  Today’s low was very close at 2604.

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

 

SP-500 weekly chart:

SP500 Technical Analysis

One Response to “October 29th, 2018: SP-500 Chart Update”

  1. kazoom1618 said

    SPX daily – will the red channel hold?

    http://schrts.co/p9j9En

    Looking for a backtest of the broken blue channel next.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: