S+P 500 has closed above 2810 on 3/15/19, the high of the Feb 2018 Weekly Red Bar, shown here on a Line Break Chart,thus rendering a Weekly Buy Signal.
Japanese" Line Break" charts disregard time, and instead simply use closing price only, in green/red Buy/Sell bars to determine trend.
it's revealing to note that the Daily Opening Price on 3/15/19 was at 2810, and then,the market took off from there to the upside.
S+P is currently tagging the lower VIX Bollinger Band, so a exhaustion setup as witnessed by Friday's late sell off is possible soon.
Bottom Line Here. Watch the 2810 level in the S+P 500. It is now Important Support. A Weekly Close Below 2810 would trigger an Important" Line Break" Sell Signal going forward.
Interesting analysis, thanks
That's what I see hapenning on a bigger scale:
The_Unwind
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@ReallyMe,
Could you elaborate on your chart please,and tell me what you're seeing :)
I appreciate your chart contribution, and analysis
ReallyMe
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@The_Unwind, I surmise that we are currently in the middle of correction Wave 2 of the "Super"Cycle.
It, in turn, consists of an A-B-C correction of the (regular)Cycle. One can further break down corrective Wave A of the (regular)Cycle into 1-2-3-4-5 impulsive wave down of the "Primary"Cycle.
In other words, if I'm right, the S&P 500 will soon decline. What's more, I think that over the next few months or maybe even years, it will always go down and up and down alternately (more down than up).
In the end (the lowest point of retracement), the Supercycle Wave 2 correction will be most likely completed at 2087 (fib 0.618) or even at 1817 (fib0.5), see chart below.
We are talking maybe year 2021-2022 or something. Sure, there will be some ups and ups along the way. Until then, the predominant direction, however, will remain downwards.
The Supercycle corrective Wave 2 is huge, I believe it's just begun, so it's gonna take some time to develop and to complete.
LucyF2492
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excellent, I will be watching for this!!
dRends35
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Surely its time to shoot this cat down. Good bounce but enough is enough is it not.
mschooler
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Every time i read your posts i learn something, thanks!
That's what I see hapenning on a bigger scale: