Replies to post #153304 on Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

for Wednesday, May 02, 2018

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

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Tuesday update

Posted on May 01, 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.

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SHORT TERM:

The market opened lower today,
continuing yesterday’s decline
from SPX 2683.

After hitting SPX 2625 around 1:00 pm
the market rallied for the first time this week.

Clearly this remains a day traders market
with a negative corrective bias.

From the April 2717 high
we count three waves to SPX 2613.

Then a rally to SPX 2683.

Followed by a decline
to SPX 2625 this afternoon.

Choppy action.

The total correction
continues to look like
a double three / triangle.

Short term support
is at the 2632 and 2594 pivots,
with resistance at the 2656 and 2731 pivots.

Short term momentum
rose from extremely oversold
to just below overbought.

Best to the often volatile
FOMC trading tomorrow.


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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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