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Replies to post #82262 on Triple 000 and Sub-penny Chart Plays
Weekend Update
Posted on February 13, 2016
LONG TERM: Bear market
MEDIUM TERM: downtrend
SHORT TERM: potential Major wave A low now in place
We continue to count the orthodox high
of the 2009-2015 bull market as a failed Primary wave V
ending at SPX 2116/2104.
The actual price high of the bull market ended at SPX 2135.
From the secondary high this new bear market
has only had one downtrend,
which we have tentatively labeled Major wave A.
We continue to expect this bear market
to last for a year or two
while the market loses 45% to 50% of its value.
This may appear far fetched,
but historically it is quite normal
for a Cycle wave bear market.
MEDIUM TERM: downtrend
At this point the five wave downtrend
looks quite compelling for Major wave A,
as three of the four major indices
have indeed made new lows.
SHORT TERM: potential Major wave A low now in place
Tuesday Update
Posted on February 16, 2016
LONG TERM: Bear market
MEDIUM TERM: potential uptrend underway
SHORT TERM: gap up and go opening, DOW +223
The gap up opening took the SPX
over the 1869 pivot to start the day.
Then after a pullback to within its upper range
the market rallied to the lower range of the 1901 pivot
and ended the day there.
We can now count five waves up
from last week’s SPX 1810 low: 1836-1822-1888-1875-1896.
Thus far this looks like
Intermediate wave "a" of a Major B uptrend.
Tomorrow’s Industrial production report
and FOMC minutes could create some volatility.
With short term momentum extremely overbought
would expect a pullback soon.
Short term support
is at the 1869 and 1841 pivots,
with resistance at the 1901 and 1929 pivots.
Best to your trading!
