Nasaravi - The R/S levels are pretty balanced right now. Of course if you look at the charts, the Daily, Weekly & Monthly prices are all between the UTL/LTL. So the question is which way does the market go. With the Weekly in the 2nd week of a Phase 1 and the Monthly most likely to confirm a new Phase 1 today, I believe the market is headed back down to possibly a double bottom at the 1075 level, that is the projected low for the Monthly Phase 1.
Looking at the futures this morning, there is a good possibility that the Daily may get a Phase 2. That would not be good. Why? Because the 60 min is in an extended Phase 2 so if the Daily gets a Phase 2 today, I believe it will be short lived and we could have a cliff dive if the 60 min, Daily, Weekly, Monthly are all in Phase 1 at this stage.
If the Daily gets a Phase 2 today, I will be adding a SPXU position.
Have a great day.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
