Current SPX Position: Long at 1655.13
Next Action: Stop and go short at 1651.75
System Score: 4=Bearish=Trend Score + Turn Score=3+1
Proposed New Score: 48%=Bearish=Trend Score + Turn Score=12+36
The System remains long. The Score has turned bearish and should remain bearish-to-neutral for an upcoming short trade even if SPX rallies 5-10+pts. The Wed/Thu waves can be interpreted several ways. The rally looks ABC-ish to me unless we get a large gap/spike up Friday morning. Even though another 1-3 days of rally would balance the downtrend better, if SPX is planning on correcting nearly 10% in 4-5 weeks which has been common in recent years, it only has 1-2 weeks to fall another 7%. The longer this rally lasts, the more likely an equally typical 9 week +/- downtrend is in effect targeting a bottom around October 1st +/-. Good fortune.
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