Right now the SPX Daily UTL is at 1650.14, the Weekly UTL is at 1625.8, so there is a gap of 24.34 between the Daily UTL & Weekly UTL, so my point here is, for the Daily to get back into Phase 2 it must currently hit the 1650 level, that would likely keep the Weekly in Phase 2 next week. The Daily UTL dropped 4 points from yesterday, between now and Monday morning the Daily UTL could drop 12 to 15 points, but the Daily is due a Phase 2 on Tuesday and the current projected high is 1684.21.
Bottom line: For a Weekly correction to start on Monday, the current Daily Phase 1 will have to extend. If the Weekly price can get below it's LTL(Lower trend line) which is at 1588.87, by Friday, then I would give the weekly an excellent chance of confirming a Phase 1 next week. If the Daily Phase 1 extends, then the Weekly Phase 1 will likely only last one or two weeks at the most.
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