Primary wave 5 circle is nearing completion and may already be complete? however my own hunch is that SPX will trace out
an as shown to top around 2788-2790 before xmas . When SPX closes below the 2016 I think it will be safe
to assume a top is finally in, until then there may be more surprises awaiting!
Note the strong divergence!
trading pattern catching the savvy bulls in a "Bull Trap" on the Open,
rising just past 4 hour resistance at 2692, consolidating all day, faking a move up in the last trading hour
and then decisively executing on a two day 12/28 and 12/29 5 minute Head and Shoulders Reversal Pattern to the downside on the Close !
Very Bearish Trading Pattern ! Use 2685 as a STOP in the S+P Short Term.
There is a possibility S+P will text crucial support at 2652 early in 2018.
Dow Industrial 30 Average had a Bearish 1 week Closing Price Reversal to end 2017 on 12/29,
implying lower prices ahead in early 2018 ,trading the week higher with a close of 24837.51 on 12/28, yet closing lower at 24719.22
Dow support continues to be on the 4 hour Chart at 24700, 24650, and 24500.
Happy New Year,
this week's trading is quite important to defining the parameter
for the last week of trading for 2017 12/26 to 12/31/17
Using the S+P 4 Hour chart,and connecting the prior highs of 6/2/17 and 6/9/17 at 2440.23 and 2446.20 respectively,
and drawing a rising trend line out to the current time period,
the S+P has clear trend line resistance at.... 2700....by this Friday 12/22.
If you are bearish, I would use S+P 2700 as a STOP for the balance of 2017 !
A break above 2700 could see an immediate pop up to 2720-2740.
A tighter stop would be at 2690 this week, which would be the first sign that 2700 is being targeted by year end.
It will take a break first of 2652 (successfully tested last week) and more importantly 2605.67 12/1/17 low to turn intermediate trend bearish
It is exceedingly difficult and ultimately very costly as a trader to try to pick a top a runaway bull market. TREND IS STRONGLY BULLISH.
Geoff, this is excellent work, and it is greatly appreciated. Thank you.
2700 as a round number target is very possible and I suspect that Fund Managers etc will want to leave 2017 with the highest yearly gains for their performance.
I am just looking at GOLD and will post my ideas on this shortly.