Market Comments 4.5.19

SP00s (pre-opening comments) – the SP00s start the day at new swing highs… a new swing high was achieved earlier in the globex session, at about 2:00 am, so it seemed fairly certain to me that the employment numbers release a few minutes ago would be enough to push the SP00s back higher…

My price target above is the ~2900 range, then the ~2940s….

My SAR swing system remains long from 2818… watching.

 

 

 

30-minutes into the regular trading session, the SP00s have added to their gains, pushing upward to that next higher pivot target of ~2900…

My SAR swing system remains long from 2818… watching.

 

 

At the 10:00 am bar on the 240-min SP00s chart, the SP00s are still holding their gains, and the momentum indicator line has closed above its last DTL…

The price high today is spitting distance from my target – ~2896 vs ~2900 – so that could be fulfilled and a wave-i:c:(x):(iv) complete or nearly so…

A hook at this point on the momentum indicator line would be an automatic reversal, based on the new rule created last week…

My SAR swing system remains long from 2818… watching.

 

 

 

Though the SP00s seem stuck, I mentioned a week ago that the ~2880 – ~2900 range would be a tough resistance range…

Taking a look at market breadth, both the 1-year and 5-year daily charts of the cumulative advance/decline lines continue pushing to new highs – leading the market higher…

While I’ve mentioned the ~2900 range as the next price target, the the ~2940s, the target for this segment of the leg upward is at ~3040… watching.

 

 

 

SP00s (post-closing comments) – At the close of the regular trading session the SP00s held their gains, closing only 1-tick off their highs…

The momentum indicator line also closed at the highs of the day and above its highest DTL…

You’ve heard me say more than once that the best way to break through resistance, is to gap through it. I don’t know for sure what Monday will bring, but an upward gap through the ~2900 pivot wouldn’t surprise me…

My SAR swing system remains long from 2818… watching.

 

 

 

BITCOIN – here’s a look at the daily chart of BTC…

The chart I published back on 2.9.19, showing Wave-c:A complete, was the 300-min chart, this is the daily chart…

On this chart, the momentum indicator line found support at the bottom of the gray zone support level, and broke upward through its long-term DTL, precisely at the completion of Wave-c:A, signaling the end of Wave-A…

Wave-a:A was three waves… Wave-b:A was three waves… and Wave-c:A was five waves, in the form of an ending diagonal triangle… thus Wave:A was a three wave fractal, and likewise, Wave-B will be a three wave fractal, over several years…

The most likely first target for Wave-a:B is up in the ~7288.75 range, though, a lower-low, down in the ~2329.85 range cannot be ruled out in Wave-b:B, which could be followed by higher-highs, up towards ~9472.15 to complete wave-c:B – though again, this process will take several years to play out…

Finally, once Wave-B is complete, Wave-C will commence and over many more years, will take the price of BTC back down to below the 1000 level, before this crypto bear market is over… HODLs should consider this road map and decide an exit strategy when the market has traded higher from here… watching.

 

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