SPX: today's median price broke below my nominal 2.5W FLD projecting down to below 1290, and this should occur this week. If instead prices continue to rally from last Friday's low, it may imply a positive change in the underlying short-term trend. But I'll deal with that if and when it occurs.
Prices remain in the Pause Zone since the bounce off the Jan. 23 low. A Pause Zone can mark either the the termination of a move (a bottom in this case), or a mid-point pause on the way to a lower bottom, which I have projected down to 1150.
Prices have been oscillating between the nominal 10W FLD that is currently above prices and the Nominal 5W FLD that is below them. These FLDs will converge in about a week, so one will be broken soon. The direction of the break and the extent to which projected targets or overshot or undershot might resolve the issue of whether the Pause Zone is a terminus or mid-point.
