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.

October 6th, 2021: SP-500 Chart Update

Posted by pugsma on October 6, 2021

11:55 am EST: The SP-500 gapped down from 4346 to 4320, dropped quickly to hit 4290…

The primary (green) count is that major [3]-P1-C3 topped at 4546, just above the major [3]=1.50[1] target of 4528. The major [4] wave correction towards the 23% Fib retrace of major [3] at 4183 is underway. For the major [4] wave, minor W completed at 4306. The minor X wave completed 4465, just above the 62% Fib retrace 4455. The minor Y of major [4] wave down completed at 4279, near the Y=0.78W = 4278 .  Note: The primary (green) wave count remains as labeled remains valid above the major [4] low at 4279.

The alternate (blue) wave count is that major [3]-P1-C3 topped at 4546, just above the major [3]=1.50[1] target of 4528. The major [4] wave correction towards the 23% Fib retrace of major [3] at 4183 is underway. For the major [4] wave, minor W completed at 4306. The minor X wave completed 4465, just above the 62% Fib retrace 4455. The minor Y of major [4] wave down is underway and has target at Y=W at 4225. Minute (a) of minor Y completed at 4289 and minute (b) retrace to near the 50% Fib (4377) at 4366. Minute (c) of minor Y down is underway.  Note: The alternate (blue) wave count remains as labeled remains valid below the minute (b) or minor Y wave high of 4366.

The alternate (red) wave count is that P1-C3 topped at 4536 as an ending diagonal for major [5]-P1-C3. The P2-C2 bear market is underway with targets at the 38% Fib of P1 = 3651 (-19.6% Bear Market) to the 50% Fib of P1 at 3369 (-25.9% Bear Market). The major [A] wave down should target the 3950 pivot area. Minor 1 of major [A] completed at 4306. The minor 2 wave completed at 4465, near the 62% Fib of 4455. The minor 3 wave is underway with a minor 3 = 1.62*minor 1 target is 4076. Within minor 3, minute (1) completed at 4289 and minor (2) at 4366. Minute (3) down is underway with a target at 4080, where (3)=1.62(1). Note: The alternate (red) count as labeled remains valid below the minute (2) of minor 3 wave high 4366. The alternate (red) count is confirmed on a break below the May low of 4057.

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

Sorry, the comment form is closed at this time.

 
%d bloggers like this: