AI
Wednesday, May 02, 2018 4:10:42 AM
S&P 500 - Symmetrical Triangle
for Wednesday, May 02, 2018
Symmetrical Triangles - Explained
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139529217
_________________________________________________________________
Tuesday update
Posted on May 01, 2018
by tony caldaro
REVIEW
https://caldaro.wordpress.com/
LONG TERM: Uptrend
MEDIUM TERM: Downtrend
We continue to track two possible scenarios:
triangle and double three .
The triangle
suggests a rally about SPX 2717
before the SPX drops back to the 2550’s again.
A double three
suggests the market trades lower,
without rallying to 2717,
to complete the pattern in the low to mid 2500’s.
Either way
it looks like more choppy action ahead.
Medium term support
is at the 2656 and 2631 pivots,
with resistance at the 2731 and 2780 pivots.
In January 2018,
Minor wave 5 completed,
along with Intermediate wave iii,
and an Intermediate wave iv correction began.
We are still expecting at least one more uptrend,
and series of New all-time highs.
_______________________________________________________________
SHORT TERM:
The market opened lower today,
continuing yesterday’s decline
from SPX 2683.
After hitting SPX 2625 around 1:00 pm
the market rallied for the first time this week.
Clearly this remains a day traders market
with a negative corrective bias.
From the April 2717 high
we count three waves to SPX 2613.
Then a rally to SPX 2683.
Followed by a decline
to SPX 2625 this afternoon.
Choppy action.
The total correction
continues to look like
a double three / triangle.
Short term support
is at the 2632 and 2594 pivots,
with resistance at the 2656 and 2731 pivots.
Short term momentum
rose from extremely oversold
to just below overbought.
Best to the often volatile
FOMC trading tomorrow.
________________________________________________________________
http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332
________________________________________________________________
for Wednesday, May 02, 2018
Symmetrical Triangles - Explained
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139529217
_________________________________________________________________
Tuesday update
Posted on May 01, 2018
by tony caldaro
REVIEW
https://caldaro.wordpress.com/
LONG TERM: Uptrend
MEDIUM TERM: Downtrend
We continue to track two possible scenarios:
triangle and double three .
The triangle
suggests a rally about SPX 2717
before the SPX drops back to the 2550’s again.
A double three
suggests the market trades lower,
without rallying to 2717,
to complete the pattern in the low to mid 2500’s.
Either way
it looks like more choppy action ahead.
Medium term support
is at the 2656 and 2631 pivots,
with resistance at the 2731 and 2780 pivots.
In January 2018,
Minor wave 5 completed,
along with Intermediate wave iii,
and an Intermediate wave iv correction began.
We are still expecting at least one more uptrend,
and series of New all-time highs.
_______________________________________________________________
SHORT TERM:
The market opened lower today,
continuing yesterday’s decline
from SPX 2683.
After hitting SPX 2625 around 1:00 pm
the market rallied for the first time this week.
Clearly this remains a day traders market
with a negative corrective bias.
From the April 2717 high
we count three waves to SPX 2613.
Then a rally to SPX 2683.
Followed by a decline
to SPX 2625 this afternoon.
Choppy action.
The total correction
continues to look like
a double three / triangle.
Short term support
is at the 2632 and 2594 pivots,
with resistance at the 2656 and 2731 pivots.
Short term momentum
rose from extremely oversold
to just below overbought.
Best to the often volatile
FOMC trading tomorrow.
________________________________________________________________
http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332
________________________________________________________________
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
