Once that occurs my view is that the downward trend will stabilise for the rest of 2011, and move into a 4th Quarter consolidation pattern. (previous Weekly Report)
S&P Monthly and Weekly cycles
S&P didn't continue down into the September lows, but instead the Weekly level and pattern in the 5-day range @ 1117 provided a short-term (2-day rise) swing point.
However, later in the Weekly the trend resumed its course, which is towards the October lows that now matches my target in the Primary cycle @ 1045
Next Week:- the Weekly levels @ 1090 could provide another swing point...
but sometime during the next 4 weeks my view is that price will move down towards 1045.
