Hi GDL, thanks for the feedback.
It looks like the wind could be at our back for a bit. The 60 min & Daily level are quite bullish right now. Also we could be in the beginning of the makings of a long Weekly Bull Cycle (W-SC-2). We should get the W-1 confirmed at the close today, hopefully 4216.45 holds as the Weekly Bear Cycle low.
The Weekly Bear Cycle W-E-1 is extremely overdue with a projected low of 3533.63, but I believe the Weekly MACD (12,26,9) is to high above the zero line for it to get confirmed during this Bear Cycle. It's been 4 Weekly Cycles since the last W-E-1 was confirmed, the average is 3 cycles & the record is 16, so we could actually go a few more Weekly cycles before a W-E-1 is confirmed.
On the other hand it's been 9 Weekly cycles since the last W-SC-2 has been confirmed, the average is 5 and the record is 11. So I would say the W-SC-2 will come before the W-E-1. The W-SC-2 has a current projected high of 5211.81, it takes 24 weeks for a W-SC-2 to get confirmed, and the high is normally put in by the 28th week, so at the end of the year we could be in the 11th week of a W-SC-2.
To get to the W-SC-2, we will have to go thru the W-S-2 (4542.55), possibly next week, then the W-2 (4671.90) possibly 10/27/23, then the W-E-2 due 12/29/23 (5131.10 ATH) possibly 12/1/23 putting in a new ALL TIME HIGH around the end of the year and continuing into the New Year, with the W-SC-2 high due around 4/19/24.