Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Thursday, June 13, 2019




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WEEKEND UPDATE:


Posted on June 8, 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=149287770

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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The 2019
Major Wave 1 and Major Wave 2

resembles the

2012
Major Wave 1 and Major Wave 2





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MEDIUM TERM: Uptrend likely


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We’ve been tracking
the current
Minor 2 downtrend
as three Minute waves
and have been looking for
the Minute c completion of that pattern.

This week gave us the answer.

After the decline on Monday to 2729,
which was right in range
of our support target at the 2731 pivot,
SPX abruptly reversed
and achieved a significant rally of 156 pts
to a high 0f 2885 by early Friday.

The strength of this rally
was sufficient to trigger our WROC signal,
which places high probability
that a new uptrend is underway.

Consequently,
we upgraded the medium term status
and added the tentative marking
for a potential Minor 2 bottom.

Although,
some near term caution is advised
since the rally
has already reached logical resistance
at the 2884 pivot
and the Minute b rally high 2892.

Medium term
RSI is overbought as well.

We are now watching the short term waves
to see if this rally
can impulse in a sustainable fashion.


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SHORT TERM:


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As mentioned,
Minor 2
most likely completed at 2729.

We have Minute a at 2801
and
Minute b at 2892.

Minute a and Minute c
completed with similar size and structure,
which resulted in
a fairly symmetrical three pattern.

As you can see from the 60 min chart,
the pivots have done well,
with Minor 1,
Minute a,
Minute b
and
Minor 2
all having turning points
within those ranges.

From 2729,
the SPX rallied to 2885
without any meaningful pullback.

After such a sizeable move,
it would not be unexpected
to get a significant pullback
in the near term.

So far,
our short term tracking
can count only one wave up to 2885,
so we’ll need more price action
to assess this rally further.

Short term support
is at the 2858 and 2835 pivots.

Resistance
is at the 2884 and 2929 pivots.

Short term RSI
got extremely overbought at the high,
then pulled back
within the neutral zone by the close.


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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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