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Sunday, May 19, 2019 9:51:45 AM
Market Weekend Update »» Short Term
By: Tony Caldaro | May 18, 2019
As mentioned, we’re now counting Minute v of Minor 1 as an ending diagonal. Since Minor 1 topped, Minor 2 has declined 5.2% which is sufficient to satisfy Minor wave degree correction. Looks like last Friday’s rally turned out to be just another b wave of the ongoing correction from Minor 1 top. From Monday’s low at 2801, we can count 3 small waves up, 2853>2815>2892, followed by choppy price action on Friday. This has been the largest rally since Minor 2 began, but it fell short of clearing the 61.8% retracement level at 2896. More price action is needed before feeling confident Minor 3 is underway. If 2853 is overlapped before further upside, then the rally remains corrective and suggests Minor 2 may still be unfolding.
Short term support is at the 2858 and 2835 pivots. Resistance is at 2884 and 2929 pivots. The SPX 60-minute chart is approaching oversold territory with the daily chart neutral after hitting its most oversold reading this year on Monday.
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By: Tony Caldaro | May 18, 2019
As mentioned, we’re now counting Minute v of Minor 1 as an ending diagonal. Since Minor 1 topped, Minor 2 has declined 5.2% which is sufficient to satisfy Minor wave degree correction. Looks like last Friday’s rally turned out to be just another b wave of the ongoing correction from Minor 1 top. From Monday’s low at 2801, we can count 3 small waves up, 2853>2815>2892, followed by choppy price action on Friday. This has been the largest rally since Minor 2 began, but it fell short of clearing the 61.8% retracement level at 2896. More price action is needed before feeling confident Minor 3 is underway. If 2853 is overlapped before further upside, then the rally remains corrective and suggests Minor 2 may still be unfolding.
Short term support is at the 2858 and 2835 pivots. Resistance is at 2884 and 2929 pivots. The SPX 60-minute chart is approaching oversold territory with the daily chart neutral after hitting its most oversold reading this year on Monday.
Read Full Story »»»
• 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!
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