Replies to Post #74875 onTriple 000 and Sub-penny Chart Plays

Replies to post #74875 on Triple 000 and Sub-penny Chart Plays

Replies to #74875 on Triple 000 and Sub-penny Chart Plays

09/23/15 4:36 AM

#74931 RE: trader53 #74875

SPX - The next drop should complete Wave 3

for Wednesday September 23, 2015

https://caldaro.wordpress.com/

Tuesday update

Posted on September 22, 2015 by tony caldaro

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.