Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Thursday January 7, 2016

https://caldaro.wordpress.com/

Wednesday Update

Posted on January 6, 2016

SHORT TERM: another gap down opening, DOW -252

The market gapped down at the open today
for the third time in the past four days.

After making a new low for the downtrend
at SPX 1986 the market rallied to 2003.

Then in the afternoon it made an even lower low
at SPX 1979 after the FOMC minutes.

Despite the steady selling so far this week,
SPX down ~2.5%,
we see a cluster of support levels just below the market
that could end this Major 2 downtrend.

At SPX 1971 Int. C = Int. A,
at SPX 1965 Minor C = 0.62 Minor A,
and at SPX 1967 Minute C = Minute A.

All three of these levels
are nearly within the lower end
of the 1973 pivot range (1966-1980).

With short term momentum getting oversold
and displaying a positive divergence.

And medium term momentum
reaching the typical oversold condition
for downtrends in this bull market.

We could be approaching the end to this downtrend soon,
with good support in the 1973 pivot range.

Short term support is at the 1973 and 1956 pivots,
with resistance at SPX 2003 and the 2019 pivot.

Best to your trading in this volatile market!

* 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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http://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=1&mn=1&dy=0&id=p83822707561

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