Thanks. I had wondered how the US markets were going to mark a turn when the $TSX obviously had done that last year. As for the $SPX it is desperately trying to hang onto 1875 (/ES) for support, which was the open of the biggest volume bar last Oct. (15th). Because we went down this week on even bigger volume on Monday, it is unlikely to hold as support. The next level down is 1846 (short term) on the /ES which is the close on Oct. 15th, and then the October lows. I will update my cyclic phasing soon. For the moment however, I don't see the next 20 week cycle bottoming until the mid-October timeframe. The major low for the 4.5 and 9 year Hurst cycles (bear in mind that they run much shorter in time these days) is likely Jan. 2016 with possible retests in the spring. Too early to say with certainty. Lets see how we head into October.
cheers,
john
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