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.

December 9th, 2019: SP-500 Chart Update

Posted by pugsma on December 9, 2019

4:55 pm EST:  The SP-500 price reached 3151, but failed to take out the 3154 high leaving the both very near-term wave counts in play.

The primary (green) wave count is that minor B of major [4]-P5-C1 reached 3151 and now a minor C wave down to at least the C=A target of 3067 (or more likely the 3028 pivot area) is due next.  This wave count remains valid below the 3154 high.

The alternate (blue) wave count is that the minor C of major [3]-P5-C1 wave has one more push up to the C=1.62*A = 3180 target.  In this alternate wave count the minute (5) wave of minor C looks to have already completed waves i, ii, and iii.  Now the wave iv-(5) must hold above 3119 (38% is 3132) and produce one more push up above 3154 for wave v-(5).  A break below 3119 first before above 3145 would signal the primary (green) is likely correct.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 
%d bloggers like this: