Crunch time coming
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At min closing the gap at 2850 following the template from 2015/2016
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SO basically next week SPX has to establish a higher low vs 2533
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Essentially if correct, currently SPX should be in impulsive Wave C of irregular flat that started at the Feb low
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In the grand scheme of things, P5 leaning to ED of which current wave could be start of Wave 2 down. I expect summer to be big down but for this next week needs to hold and start bouncing
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Fasten the seat belts one way or the other
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Good early start on the preferred scenario
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The most bullish scenario is a classic 4th Wave triangle above rising 55wma which could be underway also. That one will target above 3000, but for now lets focus on 2850
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Essentially 2 grand options: W2 in ED or W4 in impulse
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55wma is at 2540 now and rising a bit. This should serve as a support
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Final estimates of GDP at 2.6% YOY and Final sales to domestic purchasers at 2.9% all at cycle highs in 4Q17
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Seems to me another test at 2570/2580 needed
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Nope, seems truncation yesterday as Trannies appear to have bottomed. Triangle as W4 still not invalidated
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Make or break support at the 55wma
