Market Weekend Update - Short Term By: Tony Caldaro | December 8, 2018
Trying to track this market with short term waves has been a near impossible task. At times this market just seems to bounce between OEW pivots with no identifiable pattern. Minute wave C, of Minor C, had 7 waves down to SPX 2622, 7 waves up to SPX 2709, and now 5 waves down to SPX 2631, (2643-2665-2623-2650-2631). Another 7 wave pattern in the making? Hopefully we will see the end of this downtrend soon. Then we could get a good counter rally uptrend for a while.
Short term support is at the 2632 and 2594 pivots, with resistance at the 2656 and 2731 pivots. Short term momentum ended the week oversold. Best to your trading!
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