NASARAVI - The Daily Phase 2 is well above it's target high, if it opens in Phase 2 on Monday, it will be atleast an average Phase 2. Since it has been dropping below the UTL I would lean more to the Daily going into a Phase 1. Now the best senario would be if it goes to a Phase 1 on Tuesday, that would mean that the Weekly would be in a Phase 2 for another week, and the Daily would have 9 trading days to get a Phase 1 and get back into Phase 2 so the weekly could continue into it's 4th week of a Phase 2. The Weekly projected target is 1296, that would put the Monthly in a new Phase 2. But I believe we need one more Daily Phase 1 to get us over the hump.
Actually what I believe is happening is the Daily has been out running the indicators and so the SPX Daily UTL has been playing catchup. I believe now the Daily has caught up. If we get a short Daily Phase 1 that would be good. The last Daily Phase 1 was an extended one that lasted 9 trading days, so we are due for a short to average one.
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