This 4 hour chart looks in detail at the EW count from Sept which if correct is Primary wave 4 forming a triangle correction. Primary wave 5 circle is nearing completion and may already be complete? however my own hunch is that SPX will trace out an ending diagonal as shown to top around 2788-2790 before xmas. When SPX closes below the 2016 trend line I think it will be safe to assume a top is finally in, until then there may be more surprises awaiting! Note the RSI strong divergence! Good Luck
Komen
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SPX has now closed below both long and short term trendlines on a large momentum divergence. Possible top may have occurred?
Komen
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SPX still rising, obviously the 5 wave advance not complete yet. New chart offers potential wave pattern and target. Good Luck
Komen
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The wavecount contihues to mature and this chart updates previous ideas. I still believe SPX is in the very kate stages of this bull market and the current throwover marks typical bull mania and herding. If correct one more down up shoukd occur before SPX takes a turn.
2016 Trend Line in the S+P is extremely important resistance moving forward in 2018. Thank you for your illumination.
THE_UNWIND
The_Unwind
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The last trading day of 2017, 12/29 provided what I will call the "Great Houdini"
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,
THE_UNWIND
Geofftv1
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@The_Unwind, Thanks for the heads up on the numbers and stop levels, Happy New Year to you, an interesting 2018 awaits!
The_Unwind
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With the US market closed for Christmas holiday on 12/25,
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.
THE_UNWIND
Geofftv1
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@The_Unwind, Thanks again for the positive comments, I note that last Friday was the 3rd Friday in Dec (Triple Witching Day) and the volume was very high.
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.
2016 Trend Line in the S+P is extremely important resistance moving forward in 2018. Thank you for your illumination.
THE_UNWIND