Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Friday, May 17, 2019




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WEEKEND UPDATE:


Posted on May 11, 2019

by christine caldaro


https://caldaro.wordpress.com/

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The Kick-Off Months in the OTC - Jan/Feb - Jun/Jul
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147900653

https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=5&mn=0&dy=0&id=p7587581294c

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The 2018-2019 Bear Market
resembles the
1990 Bear Market

The 2018-2019 Bear Market has Bottomed

Major Wave 3 - Now underway.

Keep in mind
we are in a Secular generational Bull Market,
and we are not expecting it to top
until the early 2030’s




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LONG TERM: Uptrend


In the US the long term count remains unchanged.

Super cycle SC2 low March 2009.


Primary I high May 2015,

and Primary II low February 2016.


Major Wave 1 high October 2018,

Major Wave 2 low December 2018.


Intermediate Wave i of Major Wave 3

is Now Underway.

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MEDIUM TERM: Downtrend inflection point


This week
DOW led the weakness with a confirmed downtrend,
but was the only one of our four main US indices
to do so.

We would normally expect at least SPX to follow,
but until that happens,
markets remain at an inflection point.

As a result,
we updated the charts to show
our primary and alternate counts
on SPX and DOW respectively.

Our primary count remains
a subdividing Minor 3 wave in progress,
with Minute i at the recent high.

We can count 5-waves up
from the March low
to a slightly failed double top.

Notice the failure is on an intraday basis,
but the close is equal.

Minute ii is ongoing
and may have found bottom
with a nice reversal on Friday.

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Our alternate count
is a subdivided Minor 2 wave,
with Minute a at the March low,
an irregular Minute b at the April high
and Minute c in progress.

If DOW can sustain the reversal
and hold above March lows,
then this alternate count may be eliminated.

There is another variation of this alternate
that’s on our watch list.

We will report on it in the future
if/when price dictates.


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SHORT TERM:

As mentioned,
we’re counting Minute i
from the 2722 March low
as 5-waves up
to the slightly failed intraday top.

This suggests
the Minute i impulse subdivided
into 5-Micro waves
2852 > 2788 > 2954 > 2901 > 2948.

From there,
Minute ii is underway
and can be counted as 7-waves down
which gives a double 3-pattern
into a divergent low,
2898 > 2937 > 2863 > 2898 > 2836 > 2876 > 2825.

This signals possibility
of a significant rally to follow.

Pending resolution of the inflection point,
this could be just another b-wave
or the beginning of Minute iii.

Short term support
is at the 2858 and 2835 pivots,
2825 and 2800.

Resistance is at 2900
and the 2884 and 2929 pivots.

The SPX 60-minute chart
shows a positive divergence
at today’s low
and resulted in a 50-point rally.

The daily chart
still shows price as oversold.


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Best to your trading!

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Stock Scores Chart Links
https://www.stockscores.com/charts/charts/?ticker=%24SPX
http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332



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