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February 12th, 2018: SP-500 Chart Update

Posted by pugsma on February 12, 2019

5:20 pm EST:   The SP-500 price close above the 200-day SMA (2742) and the NYSE A-D very near a new all-time high (SP-500 2941 equivalent), the old alternate (blue) is the new primary (white/green) wave count.

Wave (3) of minor 5 of major [1]-P5-C1 is headed for the (3)=1.62(1) target of 2761.  The major [1] target is between 2790 and 2807.

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

SP-500 daily chart:

SP500 Technical Analysis


23 Responses to “February 12th, 2018: SP-500 Chart Update”

  1. pugsma said

    Note: Even thought the Cycle 1 (C1), P5=P1 target is 3051, on the daily chart there is a large Inverse Head and Shoulders (IHS) with head at 2347, neckline at 2807 and target at 2807 + (2807 – 2347) = 3267. So there is some upside potential above 3051.

  2. pugsma said

    NYSE A-D Line Chart:$NYAD

  3. curtacoma said

    Thanks for the extra confirmations on the IHS pattern and P&F chart. Quick question – what does the shift to the blue as the new primary mean longer term, past the 3051 or 3200 new high? I don’t recall how often you update your long term view (or if you still do)?

  4. rat8nine said

    Steve, I have a question about the potential pullback for wave [2]. I notice that it is expected to be a shallow rt of wave [1]. Are late cycle pullbacks more shallow typically?

  5. pugsma said

    2761 Booyah!!!! 😎

  6. pugsma said

    Good old “buy the rumor” going on to complete major [1]. 👍

  7. pugsma said

    Now looks like wave minute (4) that should hold the 200-day SMA at 2743.

    • pugsma said

      Then wave (5) of minor 5 of major [1] burst higher on news of US-China trade deal frame work…

      • pugsma said

        How do the waves know all this stuff…😎

        • pugsma said

          Someone should write a book about this wave behavior…Ralph Nelson Elliott

          The Elliott wave principle is a form of technical analysis that finance traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. Ralph Nelson Elliott (1871–1948), a professional accountant, discovered the underlying social principles and developed the analytical tools in the 1930s. He proposed that market prices unfold in specific patterns, which practitioners today call “Elliott waves”, or simply “waves”. Elliott published his theory of market behavior in the book The Wave Principle in 1938, summarized it in a series of articles in Financial World magazine in 1939, and covered it most comprehensively in his final major work,

    • pugsma said

      And there was the back-test of the 200-day SMA (2743) 😎

  8. pugsma said

    Some really sad news:

    Anthony’s Passing
    Posted on February 13, 2019 by Christine Caldaro
    My father Anthony Caldaro passed away Monday February 11th. He loved this blog and all of you. This was his passion and his life. Thank you for all of your support over the years. His lessons and his teachings will go on. To his students who are in the middle of lessons I will contact you privately within the next couple of days. I will keep the blog up and running for everyone to use as well as the forums. I will post again soon to let everyone know how we will be continuing his teachings.

    Thank you everyone for your support.

    • pugsma said

      Tony’s Blog “The Elliott Wave Lives On” was one of the first high quality TA blogs I found on the internet bank in 2008-2009. Tony will be missed.

    • rat8nine said

      Oh my. What a shame.

    • shf said

      That is really sad news! He was really exemplary in the art of giving for the sake of giving. His blog has been extremely useful and contains a wealth of knowledge and charts that he gave for free to help other traders. His counts aligned very well with your counts Pug.

      As of note, he updated his count to intermediate i of major III or primary III bull market a couple of weekends ago with a 80% probably. I believe that became 100% probability after the $spx hit newer highs (5 waves) this week. Sorry for mentioning a different count, just wanted to say something about his work. More on his blog.

  9. kazoom1618 said

    Kudos on your wave counts, Steve! Will the SPX trend change affect your AAPL count?

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