Market Weekend Update »» Short Term By: Tony Caldaro | June 23, 2019
As mentioned, we have Minor 2 confirmed at 2729 and can count three small waves up so far from the low using our short term techniques. Micro 1 at 2911, Micro 2 at 2875 and Micro 3 at 2964, with a negative divergence now building at the high. This suggests another small pullback around 30-40 points may be forthcoming in the near term. There are several options under consideration for this rally depending on the timing and depth of the next pullback. Most likely would be either a small Micro 3 wave near completion or a possible subdivision to include Nano waves. We need more price action to sort that out.
Short term support is at the 2929 and 2884 pivots. Resistance remains at the prior high of 2954 and above at the 2957 and 2984 pivots. Short term RSI got overbought at the gap up on Thursday, then set up a negative divergence into the high on Friday.
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