to pin point a key price inflection point,
that serves as a trigger to define the next major move.
In studying the S+P 500 chart after the close on 11/14/18,
in all time frames, one particular price level,.. 2719.. stands out,
as holding the key to the structure of the technical pattern.
If this level holds, the index should rally out of this area,
and move on to higher prices.
However, if this level is violated,
the pattern structure becomes cracked,,as in a crack in a building foundation.
The weight of the structure needs that support beam,
or in this case a very important support .
In the current structure pattern of the S+P 500,
the violation of 2719 on 11/14 is SIGNIFICANT,
and should be treated that way.
As long as price continues to drop away from 2719,
the S+P 500 pattern structure, becomes increasingly .
Thus my recommendation, is to use.. S+P 2719
as MOST IMPORTANT RESISTANCE PRICE
, and BUY /SELL STOP.
... until further notification.
The laws of pure physics,are always defining structure in the market.
More on that...and the realm of chaos, in future articles.
11/14/18 1040 PM
My own chart read of S+P 500 this morning shows that the 2670 low on 11/15/18, could mark a short term bottom,
Rally, and possible close above 2700 will cause the bears to cover.
I am using 2719 as a STOP, for deep in the money profitable short position.
IF S +P 2719 were to be reclaimed by the bulls on a closing basis on 11/15 or 11/16/18
then a trade able bottom would be in place, short term at 2670.
Pay heed, as this is the kind of rally, that could mark an important turning point.
More on that, .
in future articles on tradingview.com
11/15/18 1150 AM
Now the expected sharp downside continuation move on 11/15/18.
This should come as no surprise to you, if you are reading the charts correctly.
S+P has hit important support at 2670 this morning. Be aware that buyers will come in at the level.
If 2670 fails to ultimately hold, then they'll take it down to 2640...
which is a much more critical support area to hold for the bulls.
Market pattern is still corrective, until a sustainable bottom can hold.
2670 low this morning is at a level consistent with a bottom,
But 2640 is still out there as major support, that may have to be tested.
for your excellent feedback,and support Teklologist
Really...? 3700 Ha. Wow. Big winds are blowing in the tepee.
Hopefully you will update that idea, in more detail if you see fit.
Elliot Wave to me is trying to fit a jig saw puzzle onto a moving piece.
Perhaps interesting to the true believers, but highly "bendable" to suit both sides of the trade.
Continue to do what you do best.
You're very good, and I read every word of what you write here.
An engineer, no kidding.
My father was one of those.
Smart people :)