| Followers | 680 |
| Posts | 141228 |
| Boards Moderated | 36 |
| Alias Born | 03/10/2004 |
Sunday, July 29, 2018 9:41:22 AM
Market Weekend Update - Short Term
By: Tony Caldaro | July 28, 2018
Wave 1, of this uptrend, whether a leading diagonal or the count posted on the hourly chart below, completed at SPX 2791. Then after a nearly 100-point pullback to SPX 2692 for wave 2, wave 3 was underway. Thus far, wave 3 has already advanced about 150-points. Internally, the advance has been four waves: 2743-2699-2848-2808.
At this point is where the previous three rallies failed. Instead of finding support for a 4th wave, and then rallying to a higher high. Their declines continued until they overlapped their 1st wave. If this were to occur again the current decline would continue to below SPX 2743, before rallying to SPX 2848. Impulsive or more corrective activity? We think impulsive. Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week oversold. Best to your trading!
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | July 28, 2018
Wave 1, of this uptrend, whether a leading diagonal or the count posted on the hourly chart below, completed at SPX 2791. Then after a nearly 100-point pullback to SPX 2692 for wave 2, wave 3 was underway. Thus far, wave 3 has already advanced about 150-points. Internally, the advance has been four waves: 2743-2699-2848-2808.
At this point is where the previous three rallies failed. Instead of finding support for a 4th wave, and then rallying to a higher high. Their declines continued until they overlapped their 1st wave. If this were to occur again the current decline would continue to below SPX 2743, before rallying to SPX 2848. Impulsive or more corrective activity? We think impulsive. Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum ended the week oversold. 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
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
