AI
Wednesday, December 16, 2015 8:14:20 PM
https://caldaro.wordpress.com/
Wednesday Update
Posted on December 16, 2015
SHORT TERM: FED raises rates 25 bps, DOW +224
The market gapped again today for the second day in a row.
After hitting a new rally high at SPX 2060
the market pulled back to 2042 after the FED announcement.
After that it rallied in three waves SPX: 2064-2049-2077.
We have labeled on the hourly chart
the five waves up to SPX 2060 as Minor 1,
the pullback to SPX 2042 as Minor 2,
and Minor 3 underway from that low.
These waves are all within Intermediate wave one
of the potential, yet unconfirmed,
Major wave 3 uptrend.
With year end options expiration still to go,
this wild week is not quite over just yet.
Short term support is at the 2070 pivot and SPX 2040’s,
with resistance at the 2085 pivot and SPX 2104.
Short term momentum displayed a negative divergence
at the morning high, pulled back,
and then ended the day quite overbought.
* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms
LONG TERM: bull market
MEDIUM TERM: Uptrend
* Primary Waves I and II - completed in 2011
* Primary Waves III and IV - completed in 2015
* Primary Wave V should carry the market
to All time New Highs.
* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms
LONG TERM: bull market
MEDIUM TERM: Uptrend
* Primary Waves I and II - completed in 2011
* Primary Waves III and IV - completed in 2015
* Primary Wave V should carry the market
to All time New Highs.
Since 1929 there have been 13 bull markets
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116564037
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
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