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

[northam43]

(Correction)SPX Cycles Alert:

The SPX Daily price, closed below the UTL. If it opens below the UTL price and remains below that price the entire trading day, a new Daily Phase I(Bear) will be confirmed.

If a new Daily Phase I(Bear)is confirmed, then the current Daily Phase II(Bull)cycle high will be 1296.06.

If 1296.06 is the cycle high, then the projected Daily Phase I(Bear) cycle low will be 1235.39.

The current Daily LTL is 1273.74.

The current Weekly UTL is 1252.12, so depending on how fast this projected Daily Phase I drops. We could go into an unconfirmed Weekly Phase I(Bear) on Monday.

At this point I don't believe we will go into a Weekly Phase I(Bear) next week. I believe as I have stated in an earlier post, that this will be a short Daily cycle. However, I don't believe new highs will be reached during this cycle. Then I expect that we will go into a new Weekly Phase I with a projected low of 1153.

Bottom Line: This could very well be the start of the correction that most of us have been waiting for. It could take 2 to 3 weeks for the low to be established.

My current system trading status is HOLD(Might be a good time to take some profits)

My current trading status will remain in effect until changed