CHARTS_CCI_SYSTEM

[northam43]

Thought I'd add my 2 cents.

It's likely the Weekly will confirm a Phase 1 at the close on Friday, unless of course the SPX manages to get above 1626 before then.

The Daily is due a low today. I suspect that the 1560.33 put in yesterday was the Daily low. So now the Daily should be headed for a Phase 2, to get a Phase 2 as of today it must get above 1621, tomorrow it will likely be lower probably around 1616, so a rally to 1600 - 1610 is very possible to get a Daily Phase 2 confirmation by Friday.

With the Daily UTL now below the Weekly UTL, the Daily can confirm a Phase 2 and keep the Weekly in Phase 1. So I suspect we may see a short Daily Phase 2 possibly by Friday, then next Week we could see a short Daily Phase 1, then a Daily/Weekly coordinated Phase 2, which could easily take the SPX back to the high at 1687.

Right now the next Weekly Phase 2 projected high is currently at 1705.72, I doubt it reaches that level during that cycle, however, the 1687 level is likely at this point. For the Weekly projected low to go down, the Weekly will have to make new lows during this Phase 1 cycle.