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How to Get Rich Investing in Stocks by Riding the Electron Wave

SPX Meets Cycle Top Resistance

Stock-Markets / Stock Markets 2015 Apr 24, 2015 - 08:45 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX finally broke above what may either be a Triangle or its look-alike. I chose to label the second choice for a number of reasons.

First, this is already an Ending Diagonal formation made up of corrective looking zigzags with a rising bottom trendline. I view the declining top as an “accident” that may fool quite a number of analysts. The reason is that the Triangle projects a potential high in the range of 2176.00 to 2200.00. The Ending Diagonal projects an ending range of 2115.00 to 2144.00 with an average near 2125.00.


Second, the Ending Diagonal may already be finished at 2120.49, since it came very near the Cycle Top resistance at 2122.18 on the 2-hour chart, met the 2120.45 Cycle Top on the hourly chart.

Third, this is an Inverted Master Cycle Pivot Top in the Cycles Model. SPX has reversed down from its high and may confirm that the reversal is underway by declining beneath the upper “Triangle” trendline at 2110.00.

The sell signal is not confirmed until it declines beneath the 50-day Moving Average at 2088.26, but an aggressive short position may be warranted beneath 2110.00.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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