Replies to post #153011 on Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

for Monday, April 30, 2018

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

_________________________________________________________________


Weekend update

Posted on April 28, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend


MEDIUM TERM: Downtrend

We continue to track two possible scenarios:

triangle and double three .

The triangle
suggests a rally about SPX 2717
before the SPX drops back to the 2550’s again.

A double three
suggests the market trades lower,
without rallying to 2717,
to complete the pattern in the low to mid 2500’s.

Either way
it looks like more choppy action ahead.

Medium term support
is at the 2656 and 2631 pivots,
with resistance at the 2731 and 2780 pivots.


In January 2018,

Minor wave 5 completed,
along with Intermediate wave iii,
and an Intermediate wave iv correction began.

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

_______________________________________________________________


SHORT TERM:

The month of April started with such promise.

The SPX had made a double bottom.

There were positive divergences everywhere.

Strong earnings were expected to be reported.

And the GDP was still near 3%.

The market started with a strong rally
from SPX 2554 – 2672.

Then after a pullback to SPX 2586
still in the first week,
the choppy/corrective activity began
and lasted throughout the month.

Expecting more of the same
until this complex Int. wave iv
completes its pattern.

Short term support
is at the 2656 and 2632 pivots,
with resistance at the 2731 and 2780 pivots.

Short term momentum
ended the week just above neutral.


________________________________________________________________


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



















________________________________________________________________