S&P 500 Primary & Weekly Cycles
It's too early to tell whether to be shorting 2133 other than 14 points, as you will need to look for patterns within the 5-day range using as resistance:- 5-day 50% level and 5-day low breakouts. (Previous Report 4 MAY 2015)
Shorting 2133 provided the initial Short trade of 14 points, but it was using the 5-day 50% level as resistance once the 5-day lows broke.
After reaching the 2015 highs and MAY highs @ 2133 thus completing the Break & Extend pattern from the 2014 highs, the question remains is there a larger reversal pattern now taking place?
If we look at Friday's close below the June 50% level, there the bias is to continue down into 2065 (Yellow)
The big difference between 2065 and all other support zones shown in the previous months, is that, those support zones were part of a larger pattern within the Primary Cycles :- break and extend pattern from 2014 highs into the 2015 highs.
2065 isn't part of the pattern any more, so there's far more risk buying it in the current month.
Page 34 of Market Trading Market Timing...
Use Sequential ordering of pattern formations
1. Apply the trend identification Model
2. Identify Support,Resistance, & Trends
3. Identify the change of Support & Resistance with the use of TIME
4. Forewarn & Foretell the likely events in the future using Principle SET-UPS
Principle Set-up:- I would prefer to now look for a 2-month wave pattern heading down into June lows 2023 & then towards the July lows (3rd Quarter)
