Hi Breeze,
Yes, I have been looking for a pullback.
Today at the close I got a 60-E-1 confirmed, which is the UPRO Buy Signal
So tomorrow I will look at adding a UPRO position.
The 60 min 60-E-1 projected low is 5481.12, the low is due tomorrow at the 4th hour, that would be a large drop.
The 60 min 60-SC-1 is due 8/30/29, right now it could be confirmed on 8/30/29 at the close of the 1st hour with a projected low of 5409.04, the low will be due 8/30/29 at the 4th hour.
Today the Daily closed in Bear territory, so tomorrow at the close there is the possibility of a D-S-1 with a projected low of 5507.06, the low will be due tomorrow. However, the D-1 is extremely overdue, if the D-S-1 gets confirmed, then the D-1 could get confirmed at the close on Tuesday with a projected low of 5485.16, the low will be due Friday (8/30/24).
So with the 60-E-1 projected low of 5481 & the D-1 projected low of 5485. That could be a bottom area.
Below 5541 is Weekly Bear territory. I'm expecting the Weekly Bull W-2 (extreme overdue) to be confirmed at the close on Friday, unless it closes below 5541. The W-2 projected high is 5672.23 (ATH), the high is due Friday. I doubt the ATH is reached. If the W-2 is confirmed Friday, it's possible we could see a large drop on Tuesday putting the Weekly in Bear territory.
If a Weekly Bear Cycle is confirmed next week, the SPX could drop in a W-S-1 to 5331 or a W-1 to 5202, which fits your Chart #1. For the Chart #2 the Weekly would have to confirm a W-E-1 which is extremely overdue, but the Weekly MACD (12,26,9) is 152 points above the zero line, so I doubt the W-E-1 gets confirmed during the next Weekly Bear Cycle.
So I favor your Chart #1. |
