363 replies to this topic

[tsharp]

Interesting... Armstrong is also suggesting higher prices in the US:

 

Stocks remain the only investment in town and fixed-income the hot potato. European indices closed small changed but Italy continues to suffer. In the US more historic highs were recorded and still with the talking heads expecting a pull-back. The more it records the greater the reversal will have to be in order the majority managed to get back in, which is why it will continue along its present path. All this with the DXY back up at 101.50 which is a double return for many international investors.

 

https://www.armstron...ecember-9-2016/

[tsharp]

One more chart of the monthly SPX showing the target range of the measured move upward as it broke out of the expanding triangle... that move, if it comes to fruition is about 2550.

 

Link to SPX monthly measured move:  http://postimg.org/image/9769s0c0p/

 

[tsharp]

Not surprising to see a pause today at the 1.09 extension of the wave-iii rally, from 666.79-2134.72, which is ~2266, and today's high was ~2264.  The way I see extensions is starting with the 1.618, then 1.382, then 1.236, then 1.146, then 1.09, where each lower level is the fib .618 level of the next higher extension, starting with the 1.618... it could be the first wave-i of wave-iii) has completed and wave-ii is underway, with wave-iii to ensue at the rate increase... and as always... time will tell.

 

Link to SPX 60-min chart:  http://postimg.org/image/uc4dhs63d/

 

Edited by tsharp, 12 December 2016 - 07:12 PM.

[tsharp]

Okay then, the NYA printed its new ATH today, so the broader market has joined the major indices as a confirmation of this newest leg upward.  

 

The SPX daily fast and slow momentum indicators have continued to confirm this move, with the fast momentum signal printing a new high that dates back to the high in 2000 at 269.35, and the slow momentum indicator line is now above its last DTL, dating back to 2006... interesting times!

 

Link to SPX daily fast momentum chart:  http://postimg.org/image/embbhzc2h/

 

 

Link to SPX daily slow momentum chart:  http://postimg.org/image/ijyl7dyvt/

 

[tsharp]

So it's likely the SPX has reached the end of the first segment, wave-i:iii, we may have also found the wave-c low at today's lows... and as always... time will tell.

 

Link to SPX 60-min chart:  https://postimg.org/image/8qqkm2bix/

 

[tsharp]

I do not find SPX 2300 as any special level, nor Dow 20K... Armstrong seems to suggest a close above Dow 19970, implies continuation upward, as do I:

 

https://www.armstron...cember-14-2016/

[tsharp]

When I mention, "special," above, I could have worded that better... there is no technical reason for resistance at those levels, though there may be some psychological issues.

 

FWIW,  the SP00s are presently in a diamond formation, which if it breaks out upward, suggests we see ~2350 sooner than later... time will tell.

 

Link to SP00 240-min chart:  https://postimg.org/image/4qsm1aztl/

 

[tsharp]

Looking at the diamond formation above, does the SPX show any similar formation?  

 

Yes, and no... the hourly SPX shows a RH&S formation (as well as the diamond formation), which if it breaks-out upward, targets the ~2285 range, with ~2350 being the next major level I am looking for upward.  

 

I have no change in outlook... it could be wave-c:ii is compete, or wave-ii is still working...  as always... time will tell.

 

Link to SPX RH&S chart:  http://postimg.org/image/4tqqcqok9/

 

 

Link to SPX 60-min chart:  http://postimg.org/image/uf2yclbrt/

 

[tsharp]

Okay then, the electoral process is over, so perhaps we can finally see the follow-through I've been anticipating... time will tell.

 

Link to SPX 60-min chart:  http://postimg.org/image/bk3zuk15l/

 

[tsharp]

I do not find SPX 2300 as any special level, nor Dow 20K... Armstrong seems to suggest a close above Dow 19970, implies continuation upward, as do I:

 

https://www.armstron...cember-14-2016/

 

And just like that, VOILA... Dow closes above the 19970 level.  Please note the indicator configuration... fully bullish without any negative divergence.

 

Link to Dow weekly chart:  http://postimg.org/image/hwnqi4tll/