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Sunday, August 26, 2018 10:11:29 AM
Market Weekend Update - Short Term
By: Tony Caldaro | August 25, 2018
As noted above the current rally from SPX 2802 made an all-time high this week at SPX 2876. We have noted it was a straight up rally. There have been three small reversals along the way that could have created seven small waves: 2819-2806-2850-2834-2873-2854-2876. If this is correct then a larger pullback could occur when it completes nine waves. Support for that pullback would probably be in the OEW 2835 pivot range. After that the rally should resume.
Short term support is at the 2858 and 2835 pivots, with resistance at the 2884 and 2929 pivots. Short term momentum ended the week overbought. Best to your trading!
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• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | August 25, 2018
As noted above the current rally from SPX 2802 made an all-time high this week at SPX 2876. We have noted it was a straight up rally. There have been three small reversals along the way that could have created seven small waves: 2819-2806-2850-2834-2873-2854-2876. If this is correct then a larger pullback could occur when it completes nine waves. Support for that pullback would probably be in the OEW 2835 pivot range. After that the rally should resume.
Short term support is at the 2858 and 2835 pivots, with resistance at the 2884 and 2929 pivots. Short term momentum ended the week overbought. 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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