Member
Posted 06 March 2017 - 12:41 PM
I've noted the negative divergence in the SPX hourly chart for the past many days, so am not surprised to see a continuation of the weakness today. I do wonder though, if we are seeing a zig zag or flat correction, as that may tell us how low we may fall in correction... perhaps this will be revealed by tomorrow... time will tell.
Link to SP00 240-min chart: https://postimg.org/image/weaib4st5/
Member
Posted 06 March 2017 - 08:04 PM
No change in outlook on the SPX, though there are numerous fractal counts that could be in play at this juncture, yet I continue to suggest they are all a part of a wave-iii structure, so I'm content to let it play out a while longer to see what ends up developing as the most likely best fractal count; however of interest is that the indicator line found support at the ~100 level, and the dashed UTL is just below, so the downside could be limited at this time. If the count above is accurate, and wave-a = wave-c, then the SPX could drop back down to around the ~2350 range, before resuming its path back upward to the ~2500 range... time will tell.
Link to SPX 60-min chart: https://postimg.org/image/cc0tsi2mx/
Member
Posted 07 March 2017 - 06:16 PM
I added this as a post script over on the FF board:
While I remain IT and LT bullish, some might make the ST argument that the neckline on a H&S formation was broken today and could lead to a further decline to the ~2330 SP00 range... just a thought.
Link to SP00 240-min chart: https://postimg.org/image/nornyvwex/
Member
Posted 07 March 2017 - 07:34 PM
My reply to the suggestion on the FF board that the market is oversold...
I'm pretty much a one-indicator guy... and my work suggests no hint of oversold at any level I watch, which is the hourly, daily and weekly SPX. The hourly needs to break the dashed UTL on the indicator line for a sell, and that could happen tomorrow, but I suspect the UTL will provide support for a bounce. On the daily and weekly charts, the same is true, that the dashed UTL on the indicator lines are the sell signals, and we are no where near on either.
Link to SPX 60-min chart: https://postimg.org/image/vvjnqgmhl/
Link to SPX daily chart: https://postimg.org/image/wmgz9ze8p/
Link to SPX weekly chart: https://postimg.org/image/lpfnl7rh5/
Edited by tsharp, 07 March 2017 - 07:35 PM.
Member
Posted 08 March 2017 - 09:00 PM
The indicator line on the SPX is now down at the dashed UTL, so either it supports and the market bounces from here, or it fails and follows-through, perhaps even as low as the RH&S target of ~2330... TWT.
Link to SPX hourly chart: https://postimg.org/image/t9dc10a1l/
Link to SP00 240-min chart: https://postimg.org/image/5jnwcbbo9/
Member
Posted 10 March 2017 - 07:49 PM
The bounce off the dashed UTL came as expected, but it certainly wasn't much of a bounce, and then the momentum line came back down to it again to find an even smaller bounce... if it turns over again, it will likely fall through and finally give us the reset low for the hourly chart... i think down near the zero line would be ideal... but as always... time will tell.
Link to SPX hourly chart: https://postimg.org/image/sogdyq47t/
Member
Posted 14 March 2017 - 11:32 AM
H&S formation just barely broke on the initial drop... I wonder if it will hold for now or break, but not follow-through... twt.
Link to SP00 240-min chart: https://postimg.org/image/dn4wpz6qh/
Member
Posted 19 March 2017 - 05:35 PM
Sorry for the lack of posts these past couple of weeks, but PTA and work commitments have prevailed of late... AND there has been no real change in my thoughts on the SPX lately either. The SPX still needs a bit of an ST correction to work of the negative divergence, and it's pretty much still laying right on the dashed UTL, so perhaps this week we will see the real break and a mild correction, so it can then move on upward to the ~2500 range... twt.
Link to SPX hourly chart: https://postimg.org/image/ynveu9r6h/
Member
Posted 21 March 2017 - 10:39 AM
FINALLY... ST potential targets for SP00s...
Link to SP00 240-min chart: https://postimg.org/image/pmv459ec9/
