Replies to post #5763 on CHARTS_CCI_SYSTEM

[Footquarters]

I think you are too bullish


I think possibly 1598 at the most. You need to start using pivot points on the SC. They are really revealing. They are located under the moving averages. If you put F in the empty box it will give you Fibs. I don't like the way the pivot points look on the charts so I have replaced them with regular lines. Glen has all the good targets points. Mine is 1598 with an ABC Down to 1504. Of course we have TOM, EoQ and the 401K mark up.

[northam43]

Thought I'd add my 2 cents.

It's likely the Weekly will confirm a Phase 1 at the close on Friday, unless of course the SPX manages to get above 1626 before then.

The Daily is due a low today. I suspect that the 1560.33 put in yesterday was the Daily low. So now the Daily should be headed for a Phase 2, to get a Phase 2 as of today it must get above 1621, tomorrow it will likely be lower probably around 1616, so a rally to 1600 - 1610 is very possible to get a Daily Phase 2 confirmation by Friday.

With the Daily UTL now below the Weekly UTL, the Daily can confirm a Phase 2 and keep the Weekly in Phase 1. So I suspect we may see a short Daily Phase 2 possibly by Friday, then next Week we could see a short Daily Phase 1, then a Daily/Weekly coordinated Phase 2, which could easily take the SPX back to the high at 1687.

Right now the next Weekly Phase 2 projected high is currently at 1705.72, I doubt it reaches that level during that cycle, however, the 1687 level is likely at this point. For the Weekly projected low to go down, the Weekly will have to make new lows during this Phase 1 cycle.

[northam43]

Guess you got your answer today, hope you are still holding them longs. One of my long positions got stopped out on Tuesday. The 60 min is way over due for a Phase 1, hopefully that will keep the weekly from getting back into Phase 2 territory before Monday.