SPX Cycles System Daily Cycles (SPI:IN\X)

[northam43]

NASARAVI - It was looking earlier today that the Phase II might be hit, it came within 3 pts of the UTL. Then the market sunk.

The Daily price closed above the LTL. That makes the LTL support. Normally after the price has fallen below the LTL, which it did on Friday, and then crosses above the LTL, it normally will continue upward to the UTL.

So right now I'm thinking the 1194.08 maybe the cycle low. However, the futures this evening are looking like more down.

The weekly UTL is 1183.32. Since the weekly is above the UTL, this week is already counted as a Phase II week. So if the price was to drop below the UTL between now and Friday it would still be in Phase II. If the price was to open next Monday below the UTL then an unconfirmed Phase I would be established, and if the price remained below the UTL all the way through next Friday, then a new Weekly Phase I would be confirmed.

My current strategy: If the Daily price makes a new low above 1183, I will add to my long position. If the price drops below 1183, I will hold and wait to see what the weekly does.