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Posted 26 May 2016 - 12:30 PM
After the gains of the past few days, I would expect some consolidation, but it does appear we will continue moving upward from here and perhaps print new highs on the year before another round of consolidation... let's see what mr. market has to say!
Chart link: http://postimg.org/image/s47napil5/
Member
Posted 26 May 2016 - 07:19 PM
The SPX spent the day consolidating and creating another flag/pennant formation. I'm not sure I've ever seen a flag formation form twice on the same leg upward, within a few days of one another, so cannot speak to the odds of a second flag actually playing out.
If the flag formation does play out, it points to another 48 points upward, from the low on the flag, which is 2087, which would suggest a target of 2135. I sort of doubt we'll see that kind of rally between tomorrow and Tuesday; I would be fine seeing 2111 and 2116 being taken out, then another consolidation, then upward again to take out the 2134.72 level for a new ATH, but then again, my ambition may still be a bit ahead of mr. market, though if we are actually in a wave-iii, it may not be that far fetched... and as always... time will tell!
Chart link: http://postimg.org/image/6j2kn3luh/
Member
Posted 27 May 2016 - 11:41 AM
Moment of truth upon us... will it be up or down... I suspect both, but we shall see. FWIW, the SPX has come to within a couple points of the target for the wave-iii completion, though I cannot tell at this time whether it will extend or if the count is a wave-i, wave-ii, wave-i, wave-ii, as there seemed to be no alternation in the corrective waves.
Chart link: http://postimg.org/image/fvblgrhax/
Member
Posted 27 May 2016 - 08:05 PM
The SPX uptrend appears to still be in-tact on the 60-min, Daily fast and slow momentum, and the Weekly fast and slow momentum charts. Closing on the week's and session's highs suggests there will be follow-through next week, which if it lasts through the week, will carry momentum highs even higher. New ATHs in the SPX may be made next week... and as always... time will tell.
60-min chart link: http://postimg.org/image/zfq4jjhw9/
Daily fast momentum link: http://postimg.org/image/tg6ytmmhl/
Daily slow momentum link: http://postimg.org/image/r055fs4ex/
Weekly fast momentum link: http://postimg.org/image/vol5aytll/
Weekly slow momentum link: http://postimg.org/image/6wlj3qcex/
Member
Posted 01 June 2016 - 10:06 AM
It appears the SPX may have found a bottom on a smaller wave-iv, and with alternation in corrective wave formation, so we may be on the way to SPX 2111, and hopefully on upward also to 2116... time will tell.
Chart link: http://postimg.org/image/4th2vxgt5/
Member
Posted 01 June 2016 - 06:26 PM
The move off the morning lows was nice, and it bounced off the .236 retrace level, though I'm not sure the corrective action is complete yet. I'm posting the 4-hour chart of the SP00s and suggest a move back to the 2103-4 area would be enough to say the wave-v of the first wave-i is in progress, or an extension of the wave-iii is still working. I'm still looking for the SPX 2111 and 2116 previous pivot highs to be surpassed, perhaps a pullback in a wave-ii, then a move towards the SPX 2135 ATH level, on up to either the 2200 range or the 2500 range in late July-ish... we shall see!
Chart link: http://postimg.org/image/vtuvki53t/
Member
Posted 02 June 2016 - 10:15 AM
FWIW, there's a nice little RH&S formation on the SP00s hourly chart that appears to target the 2116 range, which would take the SPX upward to that higher target of SPX 2116... let's see how this plays out.
Chart link: http://postimg.org/image/d3gdqfae1/
Member
Posted 02 June 2016 - 03:26 PM
Okay then, the SP00s broke through most of the DTLs and the neckline of the RH&S, and more importantly, above the 2103.75 level, so perhaps the next target for an ST high will be the ~2116-18 area on the SPX.
SP00 chart link: http://postimg.org/image/653jcdeft/
The SPX also broke out of a diamond formation to new highs on this upward move, and perhaps tomorrow it will be able to break upward of the 2111 and 2116 levels for new highs on the year and new highs on this leg... as always... time will tell.
SPX chart link: http://postimg.org/image/mhdl23srd/
Member
Posted 03 June 2016 - 09:07 AM
Ha! Leave it to a report to throw a wrench into the gears... My best guess at this moment is that this sharp drop is the c-wave of a wave-iv that was not yet completed. Here's an adjusted 60-min SPX chart to reflect the new count.
Chart link: http://postimg.org/image/5e6oc83mh/
Member
Posted 03 June 2016 - 04:44 PM
Okay then, that was a ride... I'd hoped the Dow and SPX would end the day in the green, but that was not to happen. This is my best guess at where the SPX is presently, and if I'm correct, and wave-v of wave-i is in progress, then two targets seem likely for an ending point: the first is where wave-v = wave-i and that would take the SPX up to the 2117 range, the second is where wave-v is 1.618 wave-i, and that would take us up to just above a new ATH to the 2137 level, then a wave-ii would likely bring us back down to retest the previous wave-iv level at the ~2100 range, before moving back upward... possibly after the Brexit vote and if I'm correct, the market will move sharply higher to the 2500 range in late July... but all in due time... and IF I am correct... time will tell.
Chart link: http://postimg.org/image/83antqnvd/
