There is now clear overlap with the December SPX high in the 2090s. My custom discretionary consumer spending indicator was projecting an 8%+ reversal between the March and May time period and possibly 2 such moves. I conjectured recently that the days around March 18 and April 29 FOMC announcements could be news-triggering turning points that fit the target timeframe. My favored scenario has been an EDT into the latter half of March with 2090(w1)-->1970(w2)-->2130(w3)-->2070(w4)-->2150(w5) being the price projection. The current drop could be concluding w4 in which case it will end imminently in terms of time and price and then rally back up to 2120+. European QE starting Monday, Apple being added to the Dow and rate/dollar spikes could short circuit things a little early, but Mr. Market tends to build grinding rounding distribution tops.
If SPX rallies back to 2120-2130, I will see a great opportunity for a short trade because the reward is ~300pts to the EDT origin at 1820 and the risk is maybe 30-40pts to 2160 (I will have a more precise stop level if 2120 is surpassed) where the EDT scenario would be eliminated. SPX 2132 and 2138 have come up in my wave length research as potential targets. The EDT scenarios is not eliminated unless SPX trades down near 2000 but I consider 2050-2070 to be a critical support area. Good fortune.
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