Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Wednesday, February 10, 2016

https://caldaro.wordpress.com/

Tuesday Update

Posted on February 9, 2016

SHORT TERM: gap down opening then rebound, DOW -13

Another volatile day.

The market opened with a gap down (1835),
quickly reversed to turn positive on the day (1862),
sold off again to retest the lows (1835),
then rallied to break through the highs of the day (1868).

Pivot (1828 ad 1869) ping pong ?

This afternoon’s action looked similar
to yesterday afternoon’s action:
low of the day,
then ramp up 30+ SPX points.

Yesterday we updated the SPX daily chart
with a potential, unfinished,
five Intermediate waves down
for a Major A downtrend.

The hourly chart we have left unchanged
since the SPX
has not broken the downtrends range SPX: 1812-2116.

Under the daily count,
today’s action would be considered
part of a Minor wave 4 of Int. v

Short term support
remains at the 1841 and 1828 pivots,
with resistance at the 1869 and 1901 pivots.

Short term momentum
nearly hit overbought during this afternoon’s rally.

FED chair Yellen
testifies before an economically challenged Congress tomorrow
in an election year.

Sets up to be quite a circus.

Best to your trading!

* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms


LONG TERM: Bear market

MEDIUM TERM: uptrend may be underway

* Primary Waves I and II - completed in 2011

* Primary Waves III and IV - completed in 2015

* Primary Wave V - Failed


















* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms





































LONG TERM: Bear market

MEDIUM TERM: uptrend may be underway

* Primary Waves I and II - completed in 2011

* Primary Waves III and IV - completed in 2015

* Primary Wave V - Failed








Since 1929 there have been 13 bull markets
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http://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=1&mn=1&dy=0&id=p83822707561

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=1&dy=0&id=p43140782454