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Thursday, December 17, 2015 10:51:50 PM
https://caldaro.wordpress.com/
Thursday Update
Posted on December 17, 2015
SHORT TERM: the wild week continues, DOW -253
After a slightly higher open today
the market had its biggest decline
since this potential uptrend began on Monday at SPX 1993.
It has been a wild week: +3% by Wednesday,
down 1.5% on Thursday.
And still one more day left in the week.
After five waves up to SPX 2060 early Wednesday,
the market pulled back to 2042 right after the rate increase.
After that the market rallied in three waves.
So we thought Minor 2 had ended at SPX 2042.
Today’s action suggests otherwise.
We still have the five up to SPX 2060 for Minor 1,
but Minor 2 now looks irregular.
Irregular second waves have been popping up lately.
The market displayed one in September,
then another at the beginning of that huge October rally.
Looks like we are dealing with a third 1-ab2 for this uptrend.
Short term support is SPX 2042 and the 2019 pivot,
with resistance at the 2070 and 2085 pivots.
Short term momentum is declining from quite overbought
to near oversold.
* 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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