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Replies to post #81372 on Triple 000 and Sub-penny Chart Plays
Wednesday Update
Posted on January 20, 2016
SHORT TERM: gap down opening, DOW -249
The market gapped down at the open today
then worked its way down to SPX 1812 in early afternoon.
Our potential five waves up for a C wave of a zigzag,
from yesterday’s SPX 1865,
was nullified at the opening.
At today’s low the SPX hit 1812,
which was in between the 1828 pivot
and the SPX 1791 Fibonacci level noted over the weekend.
The rally that followed from that low
is the best rally since the Int. C wave began at SPX 2082.
Also at the low
there is a positive divergence on the daily charts,
suggesting this 300 point downtrend may have just ended.
A move into the mid-1880’s would add to this possibility.
Short term support
is at the 1841 and 1828 pivots,
with resistance at the 1869 and 1901 pivots.
Short term momentum
swung from quite oversold
to nearly overbought during this afternoon’s rally.
Volatile market, best to your trading!
AI
