SPX 60 min opened in a new Phase 2, the projected high is 1237.55, it is currently in the 2nd hour, the average 60 min Phase 2 lasts 8.9 trading hours, it has now been over 8 cycles since the 60 min has had an average Phase 2, so the odds are getting higher that we will have one. The SPX Daily is now in the 3rd day of it's Phase 1, it is currently just below the LTL, if it closes above the LTL, that normally indicates that the cycle low has been put in and it is now starting to head for a Phase 2., a closing below the LTL indicates that more downside is likely and a new low is possible. The Weekly price is below the EMA 8 level, if it remains below the EMA 8 come the close on Friday, then the odds of a Weekly Phase 1 starting next week will be 50/50, the Monthly in Phase 1, is below the EMA 3 level but remains above the LTL, that is a bullish long term indicator to me, because normally in the 2nd Month of a Phase 1 the Monthly price would be below the LTL. As I have been writting this post, I have noticed the 60 min is now back down to the LTL, so the next hour the 60 min could be back into a new Phase 1, if that occurs the projected low will be around 1197.4, does that number sound familiar, the Daily projected low is 1198.19, so the Daily low is probably not in yet. The Daily low is normally established by the 4th trading day, that would be Friday.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
