Market Weekend Update »» Short Term By: Tony Caldaro | May 11, 2019
As mentioned, we’re counting Minute i from the 2722 March low as 5 waves up to the slightly failed intraday top. This suggests the Minute i impulse subdivided into 5 Micro waves 2852>2788>2954>2901>2948. From there, Minute ii is underway and can be counted as 7 waves down which gives a double 3 pattern into a divergent low, 2898>2937>2863>2898>2836>2876>2825. This signals possibility of a significant rally to follow. Pending resolution of the inflection point, this could be just another b wave or the beginning of Minute iii.
Short term support is at the 2858 and 2835 pivots, 2825 and 2800. Resistance is at 2900 and the 2884 and 2929 pivots. The SPX 60-minute chart shows a positive divergence at today’s low and resulted in a 50-point rally. The daily chart still shows price as oversold...
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