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Replies to post #74875 on Triple 000 and Sub-penny Chart Plays
trader53
09/23/15 4:36 AM
#74931 RE: trader53 #74875
LONG TERM: bull market MEDIUM TERM: downtrend SHORT TERM: gap down opening, DOW -180
The market gapped down at the open today, reversing yesterday’s gap up opening. After hitting SPX 1940, then 1932, and 1929, the market stabilized somewhat in the afternoon. The impulse scenario, of a declining five waves, from the recent SPX 2021 high continues to unfold. Thus far Wave 1 (1953), Wave 2 (1980), with Wave 3 underway: 1956-1972-1929-1946 The next drop should complete Wave 3 Then after a Wave 4 rally, Wave 5 should be underway potentially into the downtrend low. Short term support is at the 1929 and 1901 pivots with resistance at the 1956 and 1973 pivots. Short term momentum was quite oversold at the low and headed toward neutral into the close.