SPX the rally out of the 72day low continues, and the first cyclic point will be the high of the 18day cycle. It could happen at 4.5days either side of the nominal peak 9days from the low. Wednesday is day 4, so Thursday would be a concern, and if a mild pullback is followed by new rally high s, then the high would be expected Wednesday 10/31.
FLD(4.5) for the 9day cycle may be crossed tomorrow at 2815, giving objective of 2920. Seems a little extreme, but the decline was extreme so take it with lots of salt.
The pnf bases project to 2850-2860 for 10-30min charts, and 60min projects to 2900.
I have commented previously on possibility of a "symmetrical" rally with time separation between the ultimate high and the prior high early 2018 of 43weeks. If it does this, the high would be approximately Thanksgiving and 6weeks from the recent low. That would be sufficient time for sentiment and positions to revert to the aggressive optimism of the recent past.
The last time the mkt challenged the FLD108 level, I kept expecting the break and did not get long. This time, in a similar situation, I will play it loose with protective stops until the mkt is overbought AND gives short-term trend reversals there after.
Until the FLD108 is breached, I have no justification for abandoning the legitimate cyclical objectives of 3100 and higher. So call me a very reluctant bull, kicking and screaming as it goes higher. Seems to be a familiar position....
Oddlot
Stay on the right side of the cycle!
