Today was basixcally as expected - down early with some recovery. Tomorrow the 34TD cycle continues down and the 22TD cycle continues up. The 11.2TD cycle should have topped today and be down tomorrow. The 5.6TD cycle and 2.8TD cycle should have bottomed today and turned up. The 65-70TD cycle is up and the 20week cycle is down.
So we have 34TD, 11.2TD, and 20 week cycles down. The 65-70TD cycle, the 20TD cycle, the 5.8TD cycle and 2.8TD cycles are up. That is 3 cycles down and 4 cycles up. This should result in a largely sideways market (1329-1349 range). I believe the market will end up at the end of the day.
Here is the SPX (I added FIB lines for reference):
Gl traders. Do your own analysis
Hit the 1329.69 FIB - is this a pivot?
ReplyDeleteIf you are saying a pivot to the downside....I think so.
ReplyDeleteShadow - appeared to be short term support as SPX moved up from 1329.59
ReplyDelete20 week is up? I thought we were still waiting for that to bottom? If it has already bottomed, both it and the 1 yr cycles had little impact upon bottoming this summer.
ReplyDeleteBest oops - corrected typo...
ReplyDelete