Looks like the Daily Phase 1 may start tomorrow. The projected low will be 1714.94, however, the 60 min Phase 1 will be closing in it's 5th trading hour, the average is 6.5 trading hours. The 60 min normally establishes a low by the 5th trading hour. So a low could be put in at the close today. Tomorrow morning a 60 min Phase 2 will be due, but not likely because the 60 min Phase 1 is projected to extend. If a 60 min Phase 2 is confirmed the current projected high is 1770.33, if that is reached tomorrow the Daily would remain in Phase 2.
As for how big a correction. Right now it looks like at the most a Daily correction and then likely to new SPX highs during the next Daily Phase 2. It just depends how long and deep this Daily Phase 1 if confirmed tomorrow goes.
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