AI
Wednesday, December 23, 2015 5:39:54 AM
https://caldaro.wordpress.com/
Tuesday Update
Posted on December 22, 2015
SHORT TERM: another gap up opening, DOW +167
The market gapped up today
for the second day in a row
and fourth time in the last six trading days.
It opened at SPX 2030,
pulled back to 2020,
and then rallied to 2043.
No opening at the high of the day today,
so the trend may be changing.
We posted a potential Minor a low/Major 2 low
labeling at SPX 2005 on the hourly chart during the day.
Lots of mixed signals at Monday’s SPX 2006 low.
Currently we see a rally to SPX 2023
off Friday’s 2005 low,
then a pullback to 2006,
followed by a five wave advance to 2043 today.
Thinking it could be an a-b-c counter-rally: 2023-2006-2043,
or a small 1-2-3. With the market extremely overbought
the next pullback should give us some hints.
Short term support is at the 2019 pivot and SPX 1993,
with resistance at SPX 2042 and the 2070 pivot.
* 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
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