Replies to post #6681 on CHARTS_CCI_SYSTEM

[northam43]

Technamental - (1) The SPX Daily Phase 2 is now extended by 6 trading days (2) The SPX Daily price yesterday dropped below the Daily EMA 3 and touched the Daily UTL (3) The Daily price today penetrated well below the Daily UTL, but the 60 min Phase 2 pushed it back above the UTL. (4) The last 60 min Phase 1 extended and came close to the 60 min low projection

If the SPX Daily is getting ready to go into a Phase 1, we should see either extended 60 min Phase 1's or short 60 min Phase 2's followed by average 60 min Phase 1's, when the 60 min projected low is reached the Daily Phase 1 is likely underway, currently the next 60 min Phase 1 projected low is 1673, the Daily LTL is 1673.65, so if the 60 min low is reached, it will penetrate the Daily LTL which is normal for a Phase 1.

If a Daily Phase 1 is confirmed in the next couple trading days, it will likely be a short to average Daily Phase 1 lasting between 1 to 6 trading days, because right now it doesn't look like the Daily MACD will get a bear crossing and the Daily EMA 3 is not likely to cross below the Daily LTL. If the Daily Phase 1 put in a low around 1673, the next Daily Phase 2 projected high would be around 1737, that would likely not be reached because the current Daily Phase 2 reached it's projected high. So the next Daily Phase 2 will probably not reach the SPX high because the SPX will likely be going through a consolidation period before the next leg up which will be the Weekly high at the end of August and then the SPX starts to set up for the Monthly correction.