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December 17th, 2020: SP-500 Chart Update

Posted by pugsma on December 17, 2020

8:00 am EST: Everyone by now is extremely familiar with the primary (white/green) wave count that is calling for the major [5]-P1-C3 top near where major [5]=[1] at 3972 into early spring 2021. But what about other potential outcomes?

One possible alternate (blue) outcome is that the the major [5] wave will extend to at least 1.62*[1]. Wave major [3] at 821 points was only slightly longer (1.08) than major [1] at 763 points. Often when major [3] is weak, the major [5] wave will extend. The major [5]=1.62[1] extension target is at 4445. In this scenario, this first wave up from the major [4] low at 3209 to 3712 thus far is only a minor 1 wave as a leading diagonal. It could end around the 3791 target (3833 max) in early 2021 and then we’ll see a sharp minor 2 correction to a 50% Fib retrace at 3500. From there, the minor 3 = 1.62*minor 1 target is at 4443 into late year 2021.

The must less likely alternate (red) wave count scenario is major [5]-P1-C1 is topping soon just below 3833 as an ending diagonal. There will then be a significant P2 correction to at least a 38% Fib retrace at 3183. A break below the 3501 pivot would like confirm this alternate (red) wave count.

Housing Keeping: I’m going to be away from my home office for the next few days for family concerns. The next blog post will be Monday Dec 21st. Also there are year end 2020 is almost here. If you are planning to remain with the service for year 2021, then you should have e-mail from early December with the details and instructions. The old monthly password system is being discontinued and you will have a membership account with the blog for year 2021 that will provide you access to the premium service and custom chart service. To become a paid 2021 member you MUST purchase and register via the PUG SMA Shop https://pugsma.com/shop/

Have a great weekend !!!

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

SP500 weekly chart:

SP500 Technical Analysis

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