Replies to post #154519 on Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - Symmetrical Triangle

for Thursday, May 10, 2018

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

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Wednesday update

Posted on May 09, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend

The DOW, NYSE and DJ Global index
still require at least one more new high
to end their bull markets.

No bear market yet!


MEDIUM TERM: Downtrend

We continue to track two possible scenarios:

triangle and double three .

The triangle pattern
suggest a rally to exceed SPX 2717
in the coming days/weeks
to complete a wave D.

Then a decline to about the mid-2550 level
to end wave E
and a triangular Int. wave iv.

The double three pattern
suggests a drop to the mid-2550’s or so
without ever rallying above SPX 2717
to complete a 3-3-3 pattern.

Either way
it appears the mid-2550’s would be hit
before the market enters a new uptrend.



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 could be resuming the rally from SPX 2595.

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


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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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