2532,69 the Feb.2018 Low on the S+P 500
was Long Term Support/ Monthly Chart
until the breach of that Support in December.
Markets have long memories,
With the end of the year in sight coming up this Monday Dec.31,
2532 may act as a strong magnet to pull price back to
the prior Monthly Support
to achieve a potential ...Double Bottom... on the Long Term Chart Structure.
If that were to occur, the ramifications could be Long Term Bullishly SIGNIFICANT.
The Monthly Chart would then show
a False Potential" Bear Trap Breakdown" to 2346.58,( 9 point shakeout below 2355 Monthly Support)
a move of 186 points, quite a large strong handed LONG shakeout move,
which then could be applied to the top of the pattern above 2532.69
to arrive at a potential destination point of 2718, sometime in early 2019.
But I am getting ahead of myself, something that I do not like to do.
Bottom Line :
Watch for a move back above S+P 2532, this coming Monday Dec.31
to achieve a Monthly Double Bottom Low/ Close above 2532 for 2018
If that were to occur,it could be a
...SIGNIFICANT... Technical Development
that could extend the Long Term 2009-2018 Bull Market,
certainly into the early months of 2019.
SPX Last 2488.83
THE_UNWIND
12/28/18
NEW YORK
was Long Term Support/ Monthly Chart
until the breach of that Support in December.
Markets have long memories,
With the end of the year in sight coming up this Monday Dec.31,
2532 may act as a strong magnet to pull price back to
the prior Monthly Support
to achieve a potential ...Double Bottom... on the Long Term Chart Structure.
If that were to occur, the ramifications could be Long Term Bullishly SIGNIFICANT.
The Monthly Chart would then show
a False Potential" Bear Trap Breakdown" to 2346.58,( 9 point shakeout below 2355 Monthly Support)
a move of 186 points, quite a large strong handed LONG shakeout move,
which then could be applied to the top of the pattern above 2532.69
to arrive at a potential destination point of 2718, sometime in early 2019.
But I am getting ahead of myself, something that I do not like to do.
Bottom Line :
Watch for a move back above S+P 2532, this coming Monday Dec.31
to achieve a Monthly Double Bottom Low/ Close above 2532 for 2018
If that were to occur,it could be a
...SIGNIFICANT... Technical Development
that could extend the Long Term 2009-2018 Bull Market,
certainly into the early months of 2019.
SPX Last 2488.83
THE_UNWIND
12/28/18
NEW YORK