Friday, September 9, 2016

MTU Weekend Ed. - Retesting and 2016 Scenarios (9/9/16)

Friday's plunge allowed SP500 to close below its MA50 with ease. Near term, a H&S pattern is targeting the 2100 area which coincides with the Apr-June resistance (now potential support) as well as the Feb-Jun trend line. See Chart 1.
A retest of the prior breakout area of 2075 is probable on continued selloff. See Chart 2.
Current price actions continue to track the 2016 scenarios discussed earlier.  See Chart 3.

Price swings over the past year are so far three-wave sequences.  See Chart 4.