Market Weekend Update »» Short Term By: Tony Caldaro | June 1, 2019
As mentioned, we’re counting three Minute waves down for Minor 2. Minute a consisted of nine waves total, five down to 2836 for Micro a, three up to 2891 with an irregular b wave structure for Micro b, followed by one wave down to 2801 for Micro c. Minute b was three waves up to 2892 and Minute c has been ongoing ever since. So far we can count Minute c as nine waves down to Friday’s low, for a potentially completed Micro a. From there, or maybe slightly lower levels, we would expect at least two more waves to complete an overall double three pattern for Minor 2. Although these short term counts are speculative, so we will be watching the next rally for signs of a potential bottom.
Short term support is at the 2731 pivot and the 2722 March low. Resistance is at 2780 and 2798 pivots. The SPX 60-minute chart reached the most oversold this week since Feb and closed the week with a positive divergence, which suggests a short term bounce should be forthcoming.
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