However, once that's completed, the trend will be begin to reverse down towards the trailing monthly 50% levels, as the first targets:- 1361. (Previous Weekly Report)
S&P 500 Weekly cycles
Sadly the S&P didn't reach the highs @ 1424-28, as this was my ideal 'short-trade' zone for the current reversal towards the April 50% level.
As noted in last week's report, the reversal pattern is towards the Apirl 50% level (Weekly lows).
That down move will be defined by next week's level @ 1378.50...
1378.50 will also be the trend guide on any short-term counter-trend move upwards within the 5-day cycle.
1361-1364 is seen as a random Support zone
However, don't be surprised to see the Trend as low as 1347 (SUPPORT) if it begins to trade below 1361
