Replies to post #153600 on Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

for Friday, May 04, 2018

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

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Thursday update

Posted on May 03, 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: Gap down opening then rebound, DOW +5

The market gapped down at the open today
from yesterday’s SPX 2636 close.

It then dropped a total of 41 points
from that close
when bottoming at SPX 2595.

After that the market rallied
all the way back to SPX 2637 by 2:30.

Volatile day traders market continues.

We continue to observe
a lot of three wave movements.

Of late:
[2717] 2658-2684-2613,
and
[2683] 2625-2661-2595.

However the market
is now approaching the two previous lows
Feb 2533 and Apr 2554,
with today’s drop below 2600.

Let’s start looking for technical signals
that could suggest an end
to this multi-month correction.

Short term support
slips to the 2594 and 2575 pivots,
with resistance at 2632 and 2656 pivots.

Short term momentum
ended the day around neutral.


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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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