Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

for Friday, May 11, 2018

Symmetrical Triangles - Explained
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139529217

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Thursday update

Posted on May 10, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend

A New Bull Market - Primary III Underway

We are currently expecting SPX 3,000+
in the next 2 to 4 years

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In March 2009 the great recession and SC2 ended.

From that low, a new 70-80 year SC3 began.

The first bull market of SC3 was 2009-2015,
and first bear market 2015-2016.

We have labeled them as Primary waves I and II.

The bull market currently underway
is part of Primary III.

We are counting it as Major wave 1






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LONG TERM: Uptrend

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MEDIUM TERM: Uptrend

We continue to track two possible scenarios:

triangle and double three .

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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.

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SHORT TERM:

With today’s rally
the triangle becomes the preferred count
of the three we have been tracking.

Triangle:
D wave resistance at the 2731 pivot and around 2750,
then a drop below 2600.

Double three:
b wave resistance at the same levels,
then a drop to around 2550.

Ending diagonal Int. v:
choppy activity higher continues,
forming a rising wedge,
and completing at new all-time highs.

Regardless of the final wave pattern
still expecting the SPX
to make new all-time highs this year.

Short term support
is at the 2656 and 2632 pivots,
with resistance at the 2731 and 2780 pivots.

Short term momentum
hit extremely overbought at the highs,
then backed off some in the afternoon.


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http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332



















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