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

[northam43]

SPX Cycles Alert:

The SPX Daily Phase I has made a new low.

Once again my buy limit order was set to high.

Today through me off. It made me go back and question the confirmation of the DAily Phase I on November 12th. I concluded that a .16th of a point was to close to the UTL to call it as a confirmed Daily Phase I. This is a lessons learned for me. When I looked at the SSO Daily chart, it clearly showed that on November 12th that it had hit the UTL. So I should not have confirmed the Daily Phase I.

It seemed odd that today the price was going below the LTL, on November 12th the price went below the LTL and then closed above the LTL, then on the 15th the price remained above the LTL, so that lead me to believe that the low was put in and it was headed to the UTL. But since in reality on November 12th the DAily was actually still in Phase II, the dip below the LTL should have not counted. So November 15th should have been the Phase I day 1 with a 1st cycle low of 1197.15, and then today is Phase I day 2 and the price is below the LTL and has made a 2nd cycle low. This is the normal pattern of a Phase I cycle.

The current price is now below the Weekly UTL, however, since the price started the week out above the UTL, the weekly will remain in Phase II for the rest of the week. On Monday if the price opens below the UTL, then a new unconfirmed weekly Phase I will be underway.

Since the price is currently below the weekly UTL, my current trading status is HOLD, until the weekly either returns above the UTL or confirms a new weekly Phase I.

If a new weekly Phase I is confirmed next week, I would continue to hold, as I would expect the price to continue downward until a weekly Phase I cycle low is established.

I know some of this sounds confusing, If you have any questions feel free to ask, I will try and explain the best I know how.