S&P Weekly and Daily cycles
The S&P is about to hit the January highs @ 1314, as part of the extension pattern from the December 50% level
These Monthly highs are seen as resistance levels that could result in the last week of this month (next week) begin a reversal pattern back down towards the Weekly 50% level & 1278 (5-day reversal pattern).
However, there is also the single monthly breakout @ 1278 (RED), which could result in the price action extending upwards towards the new February highs, as part of a 2-month wave pattern during the 1st quarter.
These 2-month wave patterns are described in the Book. That means the S&P moving as high as 1340.
Next Week:- The Short-term trend will be defined by next Week’s levels, whilst using sets-ups in the 5-day daily cycle range.
