Trading SPX Cycles

[northam43]

SPX Cycle reports updated, including the Monthly Data Sheet and Major Market Trend Report.

Wow, what a day! Daily confirmed new Phase 2 and Weekly missed the Phase 2 by a hair or 1 point. The Daily Phase 2 has already blown it's projected high target of 1223.30 out of the water. If the Weekly confirms a Phase 2 tomorrow, the projected high will be 1302.37

The SPX Monthly confirmed a Phase 1 today, it's projected low is 1075

So which way do we go? This is how I see it.

The Bullish scenario:

The 60 min is in a very extended Phase 1, the current projected low is 1214, so if the 60 min were to go into a Phase 1 tomorrow, it could drop to the 1214 level, which would be below the Daily UTL, however, unless it opened below 1220 in the morning the Daily will remain in Phase 2 tomorrow, an average 60 min Phase 1 lasts 9 trading hours, so if the 60 min went into Phase 1 at the open, it could be back in Phase 2 by the next morning, with a new Phase 2 which could boost the Daily back above the UTL and the Weekly could then confirm a Phase 2, then a Monthly EMA 3/8 Bull crossing would be made and the Monthly would confirm a new Phase 2 and this could be the making of a major rally.

The Bearish scenario:

The SPX Weekly confirms a new Phase 2 at the open. Then the 60 min drops into Phase 1, the Weekly drops back below the UTL, then the Daily drops below the UTL and then Friday the Daily opens below the UTL, and confirms a Phase 1, then Monday the Daily drops below the LTL, the Weekly opens the week below the UTL in an unconfirmed Phase 1, the 60 min goes into an extended Phase 1, the Weekly that week then drops below the LTL followed by the Monthly dropping below the LTL headed for the 1075 low.