With the SPX 60 min Phase 2 currently extended, it is due for a Phase 1 at anytime. Right now the Phase 1 projected low is at 1582.1, that is where the Weekly LTL (Lower Trend Line) is at, the Daily is due a Phase 2 on Friday, to confirm a Daily Phase 2 the SPX must currently get to the 1618.95 level, to confirm or continue the current Weekly Phase 2, the SPX must currently get to the 1628.69 level. So the Daily UTL is about 10 pts below the Weekly UTL. Therefore, the Daily could confirm a Phase 2 on Friday, with a projected high of 1624.15, which is still below the Weekly UTL, if the Daily reached the projected high and then went back in Phase 1, the projected low would be around 1563.19, that could keep the Weekly in a Phase 1 for another week (2 weeks), now the Daily Phase 2 could get confirmed on Friday, the Weekly could confirm a Phase 1 at the close on Friday, and then on Monday the Weekly could confirm a Phase 2 and extend the Daily Phase 2 price.
I would prefer the Weekly Phase 1 to last another couple of weeks allowing me to add more SPXL positions for the ride up to the SPX high at 1687.
The SPX Monthly is back above the Monthly EMA 3 level, that is the strongest Phase 2 level.
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