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January 3rd, 2019: SP-500 Chart Update

Posted by pugsma on January 3, 2019

1:00 pm EST:   The drop to 2447 so far today is just above the expected 50% Fib retrace target of 2434 for a wave minor 2 of major [A]-PX (primary red) or major [B]-PX (alternate blue).

The primary (red) count is a slow path to the PX target of a 62%/78% Fibonacci retracement at 2715/2810.

The alternate (blue) count is a fast path for PX to a 50% Fibonacci retracement at 2644.

SP-500 15-min chart real-time link:

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


17 Responses to “January 3rd, 2019: SP-500 Chart Update”

  1. armanddoucette63gmailcom said

    Quick question… What happens if this market breaks lower over the next three weeks and we break the previous December low? How will that affect your counts?

    On Thu, Jan 3, 2019 at 10:00 AM Technical Analysis Blog | PUG Stock Market Analysis, LLC wrote:


    • pugsma said

      I don’t discuss “what if” that I haven’t been placed in the charts. If the price invalidates a wave count, then adjustments will be made.

  2. shf said

    Is it fair to say that there is a massive NYMO positive divergence with today’s close? Relative to 12/20/2018. SPX close 2,467.42 NYMO ~ -90, today SPX close 2447.9 NYMO > 30? Would that support a rally over the next few days per the primary and alternate counts? Thanks..

  3. lauter1 said

    Although it’s a rare signal and I’d be surprised if it triggers, have to keep an eye on the Zweig Thrust indicator the next few days.

  4. Jan Wolansky said

    RUT is leading the charge higher, which is good sign. Intraday NYMO is also quite strong.

  5. rat8nine said

    Belated happy new year everyone….just got back from a little over a week in Paris late last night. Here is a bit of Paris.

    The Seine at dusk:

    Sainte Chapelle, completed in 1248

  6. pugsma said

    Yesterday was such a beautiful wave 2 set-up, ie panic selling. All the CNBC traders where saying the SPX was dropping to new lows below 2347.

    Elliott Wave (EW) works best when the psychology of traders is altered to extreme bearish or bullish sentiment.

  7. yes, nice count. wave wise ?, minute i is in, ii in process, iii of 3 of A yet to begin? also anything to help with distinguishing blue v red? thanks!

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