Replies to post #152129 on Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

Tuesday, April 24, 2018

Symmetrical Triangles - Explained
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139529217

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Monday update

Posted on April 23, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend


MEDIUM TERM: Downtrend

Intermediate wave iv
could have completed in February,
after a 12% selloff ended
with positive RSI divergences everywhere.

The market rallied about 10% into March,
did not make a new high and then failed.

A retest of the low
occurred right on the first trading day of April.

Again with positive divergences.

But the market has again
failed to sustain an impulsive rally
off those lows.

We are still expecting at least one more uptrend,
and series of new all-time highs.

Medium term support
remains at the 2656 and 2632 pivots,
with resistance at the 2731 and 2780 pivots.



SHORT TERM:

We were tracking the rally from SPX 2554
with a potential impulsive count.

We had Minor waves 1 and 2
at SPX 2673 and 2586.

Then a Minor 3 underway.

Minor 3 divided into three Minutes waves:
2665, 2645, 2717.

Then it blew up on Friday,
when the market dropped below 2665.

Now all we have is a lot of corrective activity
from the high at SPX 2672 in early April.

This potential uptrend
no longer looks to have any chance
of being impulsive.



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http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332



















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[trader53]

S&P 500 - Symmetrical Triangle

for Wednesday, April 25, 2018

Symmetrical Triangles - Explained
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139529217

_________________________________________________________________


Tuesday day update

Posted on April 24, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend


MEDIUM TERM: Downtrend

Intermediate wave iv
could have completed in February,
after a 12% selloff ended
with positive RSI divergences everywhere.

The market rallied about 10% into March,
did not make a new high and then failed.

A retest of the low
occurred right on the first trading day of April.

Again with positive divergences.

But the market has again
failed to sustain an impulsive rally
off those lows.

We are still expecting at least one more uptrend,
and series of new all-time highs.

Medium term support
remains at the 2656 and 2632 pivots,
with resistance at the 2731 and 2780 pivots.


SHORT TERM: gap up opening then selloff, DOW -425

The market gapped up today.

Which is nothing unusual these days
when considering all the gap openings
during the past few months.

After running up to yesterday’s high,
2884 v 2683,
the market headed south in a hurry.

At today’s low
the SPX had dropped 67-points,
in 5 hours,
on no negative news.

It must be a correction.

Today’s drop
increased the probability
of the double three scenario
posted on the hourly chart.

This suggests
a retest of the February/April lows
should end this Intermediate wave iv correction.

Levels of interest,
noted over the weekend,
are SPX 2586, 2554 and 2533.

Short term support
drops to the 2632 and 2594 pivots,
with resistance now at the 2656 and 2731 pivots.

Short term momentum
hit extremely oversold at the lows.


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http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332



















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