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Saturday, January 07, 2017 9:48:25 AM
Tony Caldaro: Weekend Update
* January 7, 2017
SHORT TERM
The older version of this bull market’s characteristics everyone should be familiar with, as the counts have been posted on the hourly charts for some time. This version suggests this uptrend has already completed four Minute waves with the fifth underway: 2214-2187-2278-2234-2282 thus far. Should this count be correct, the wave degrees will probably be downgraded one degree since this uptrend is probably not all of Minor 3.
The characteristics of this count display a third wave that is shorter than the first. This of course implies the fifth wave has to be the shortest of three waves. This limits the upside potential for this uptrend to between SPX: 2279 and 2325. And herein lies the qualifier for these two counts. Should the uptrend end within the above range, then the correct count is posted on the hourly chart. Should the uptrend continue beyond SPX 2325, then the correct count is posted on the daily chart. Interesting juncture! Short term support is at the 2270 pivot and SPX 2245, with resistance at the 2286 and 2321 pivots. Short term momentum ended the week overbought. Best to your 2017 trading!
FOREIGN MARKETS
Asian markets were all higher on the week for a net gain of 1.8%.
European markets were also all higher and gained 1.6%.
The DJ World index gained 1.8%.
COMMODITIES
Bonds may be starting an uptrend and gained 0.3% on the week.
Crude remains in an uptrend and gained 0.5%.
Gold is also in an uptrend and gained 1.8%.
The USD may be entering a downtrend and lost 0.1%.
https://caldaro.wordpress.com/2017/01/07/weekend-update-586/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* January 7, 2017
SHORT TERM
The older version of this bull market’s characteristics everyone should be familiar with, as the counts have been posted on the hourly charts for some time. This version suggests this uptrend has already completed four Minute waves with the fifth underway: 2214-2187-2278-2234-2282 thus far. Should this count be correct, the wave degrees will probably be downgraded one degree since this uptrend is probably not all of Minor 3.
The characteristics of this count display a third wave that is shorter than the first. This of course implies the fifth wave has to be the shortest of three waves. This limits the upside potential for this uptrend to between SPX: 2279 and 2325. And herein lies the qualifier for these two counts. Should the uptrend end within the above range, then the correct count is posted on the hourly chart. Should the uptrend continue beyond SPX 2325, then the correct count is posted on the daily chart. Interesting juncture! Short term support is at the 2270 pivot and SPX 2245, with resistance at the 2286 and 2321 pivots. Short term momentum ended the week overbought. Best to your 2017 trading!
FOREIGN MARKETS
Asian markets were all higher on the week for a net gain of 1.8%.
European markets were also all higher and gained 1.6%.
The DJ World index gained 1.8%.
COMMODITIES
Bonds may be starting an uptrend and gained 0.3% on the week.
Crude remains in an uptrend and gained 0.5%.
Gold is also in an uptrend and gained 1.8%.
The USD may be entering a downtrend and lost 0.1%.
https://caldaro.wordpress.com/2017/01/07/weekend-update-586/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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