SPDR S&P 500 (SPY)

[Fox13]

Hi Foot, you posted an amazing collection of interesting charts and commentaries this weekend. I find this very stimulating and, for those who read them, I feel it is a pleasant duty to share our views. Thus, I am posting a continuation of the “unorthodox” Q weekly time cycles, combined with a quite obvious wave count. As we all know, wave people and cycle people don’t like each other. However, sometimes, the timing and the targets that they predict could be quite close. In trying to combine them, one can only hope to be objective enough with each method, independently.
The long 100 wks cycle, has troughs in the wks. of 11/02, 08/04 and 07/06, dates still fresh in our memory. The next trough should be sometimes in June (chart1).
In chart 2, within this last cycle, the 1, 2, 3, and 4 waves already occurred. [I personally missed a good chunk of W4, as obvious from the absence of a green arrow at 41.6. I did not think it could hold 41.46]. Last week, the Qs were spectacular: they touched both support at $41.4 (a projection of fractal divergence) and resistance at $43.6 (the bottom of the very congested zone 42.62 - 43 83). However, both short and long term time cycles are losing their right translation, and their summation points DOWN. Moreover, wave 5 is also headed down, after falling through that “continuation triangle” that we all know. How far will it go? There are 3 close targets (included in the rectangle labeled 5):
1). 40.26 obtained from the projection of fractal kiss, in the middle of Oct 06.
2). 39.98 obtained by extending W5 by (W1 x 0.618)
3). 39.31 obtained by extending W5 by a full W1. This last target would represent a ½ retracement of the whole rise of the Qs during the 3 large time cycles discussed, since 11/02.
What intrigues me the most is that these targets might be reached much sooner than June. If summing such cycles makes any sense, then the Qs (the champion of indices) seem to say ”After me, the deluge!“.