Updated Potential Cycle Low Prediction in SPY

31 Eki 2016

As per my previous post last week, ICL due 11/8/16, this still "feels" corrective (i.e. overlapping bars, no follow thru impulsive downside price action) and the Nasdaq continues to hold at significantly higher highs (note well above the 9/9/16 lows). Russell (RUT/IWM) shows broader market deterioration (i.e. fulfilling the cycle low prediction more cleanly). Hence the continued "rolling chop" into 11/8/16 is highly probable.

Another potential rally into roughly 214.50 area before the final push lower. It could be a "binary" type event, just like the most recent ICL in June (Brexit).