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Sunday, July 15, 2018 9:42:59 AM
Market Weekend Update - Short Term
By: Tony Caldaro | July 14, 2018
To increase the probability of this LD scenario a few things had/have to occur. Continuation of the April SPX uptrend with a rally above 2791. This occurred on Tuesday. The rally needed to exceed SPX 2802 to eliminate the IV triangular scenario. This occurred on Friday. The rally from the recent SPX 2692 low to start looking impulsive. So far we have three waves up: 2743-2699-2805. And the market should started acting like a third wave, since Minor waves 1 and 2 should have already completed.
Should we get all the parameters noted above the SPX could hit 3000 before this uptrend ends. With Minor wave 1 equaling 237 points (2554-2791), and Minor 2 at 2692. If Minor waves 3 thru 5 are only 1.5 times Minor 1 we hit SPX 3048. Let’s see how the remaining parameters play out. Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week with a negative divergence. Best to your trading!
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• DiscoverGold
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By: Tony Caldaro | July 14, 2018
To increase the probability of this LD scenario a few things had/have to occur. Continuation of the April SPX uptrend with a rally above 2791. This occurred on Tuesday. The rally needed to exceed SPX 2802 to eliminate the IV triangular scenario. This occurred on Friday. The rally from the recent SPX 2692 low to start looking impulsive. So far we have three waves up: 2743-2699-2805. And the market should started acting like a third wave, since Minor waves 1 and 2 should have already completed.
Should we get all the parameters noted above the SPX could hit 3000 before this uptrend ends. With Minor wave 1 equaling 237 points (2554-2791), and Minor 2 at 2692. If Minor waves 3 thru 5 are only 1.5 times Minor 1 we hit SPX 3048. Let’s see how the remaining parameters play out. Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week with a negative divergence. Best to your trading!
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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