NASARAVI - How long will the Daily Phase II last? It is now over it's average and it has exceeded the duration of the Phase I. So the answer is anytime.
How long will the next Daily Phase I last? The average decline from the previous cycle high is 60.67 points. So If the Daily Phase I started today (unlikely), my target would be 1186.06. The average duration to the low price is 3.37 trading days. The average duration of a Phase I is 5.68 trading days. Since the last two Phase I cycles lasted over 11 trading days. I would expect the next Phase I cycle to be below the average.
Right now I am expecting that this Daily Phase II goes to the 1300 level. At that level a good 10% correction could occur leaving the Monthly Phase II in tact.
Right now it looks like the SPX is in a consolidation period before the next leg up to 1300. If the SPX Daily pulls back to a Phase I during this period, I expect it to be short lived (you've heard that before). We shall see.
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