CHARTS_CCI_SYSTEM

[northam43]

I believe the Weekly is possibly headed for the extreme overdue W-1, the earliest it can be confirmed is at the close on 10/6/23, projected low 4185.96, the low will be due 10/6/23. If the W-1 gets confirmed it will eliminate 14 Bear points.

Right now the Weekly level is Bearish by -12

Today at the close the Weekly W-S-1 is expected to be confirmed so that will end the W-S-2 which is worth 1 Bull point, so that will make the Weekly Bearish by -13

Since the Weekly ends as a W-S-2, the Weekly Bulls get an additional 3 points from the W-2 (1), W-E-2(1) & W-SC-2(1), so that will put the Weekly level Bearish by -10

If the W-1 gets confirmed, the Bears add a point from the W-S-1, which will put the Weekly Bears at -11

If the Weekly ends as a W-1, then 14 Bear points will be eliminated, making the Weekly Bullish by 3 points

However, by the Weekly ending as a W-1, the Bears will get 2 additional points for the W-E-1 (1) & W-SC-1 (1), so that will put the Weekly Bullish by only 1 point.

Right now the 60 min level is Bullish by 5 points & the Daily level is Bullish by 6 points.

So the downside is limited, I doubt the W-1 projected target of 4185.96 will be reached.