S WAVE CHARTS

[snootmagruder]

SPX,RUT 60 min: I think SPX put in the low last week and will drop 12 points to retag to lower black fork tine Monday morning. RUT should drop to a lower low at 1205 which are in sync. I'm sticking my neck out with the following comments: I have the top moved to the end of the month (Nov 1) with RUT squeaking out a new all time high. The Happy Family would then only have NYA as needing a new high, however it's too far away and I'm thinking it's quite possible that NYA fails. NYA had a happy family fail in 2012 and COMPQ and NDX had fails from the 2000 highs not being taken out until recently. The Nov 1 top could be significant as the FOMC announcement is on the 2nd and maybe a rate increase could happen? It would be unexpected to happen just before the election, however a Dec increase would be too grinch like and the Feds are under pressure to raise again as they projected more increases this year at the first increase.