JLS - It's possible that SPX gets to 1018. The SPX Daily Phase I has completed 18 trading days. The average Phase I lasts 5.58 trading days. So the down side now seems less likely in the ST. The average Daily cycle high/low diff is 74.19. The current cycle high/low diff is 49.94. So that is currently 24.25 below the average. The current cycle high is 1090.75. So if you add 24.25 to 1090.75 that comes to 1115. The current upper trend line price is 1116.98. Tomorrow that price will drop below the 1115 level. I am expecting a short Phase II period with the current daily cycle topping out around 1120.
The SPX weekly Phase I is now in it's 3rd week. The average Phase I is 8 weeks. The current weekly cyle low is 1040.8. So a high probability that the cycle low is not in yet. The average high/low diff is 95.81. The current high/low diff is 49.94. So this cycle is currently 45.87 pts below the average. So that means this cycle could go as low as 994.93 or a high of 1136.62. Or some where in between the high low. I'm expecting the low side. If the low were to be 1018 then the high would be around 1113.81.
The Monthly SPX the EMA 3/8 now has a gap of 16.16. So the gap has slightly narrowed since my last report. So unless we get a major crash on Thursday & Friday. I doubt a EMA 3/8 bearish crossing will be confirmed by end of month. That would mean in June the SPX could go much lower, recover and resume the bull run by July 1st.
Bottom line: I believe we have both came to the same conclusion. The SPX will go lower. We just differ on what takes it there. But in the end that doesn't matter if the system is consistent.
JLS, thank you very much for your view.
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