The back-to-back spending signals calling for a top in March/April and a bottom in April/May have been seen in past years and once led to a sideways market, but I am still expecting an imminent top followed by a nasty drop into May.
Based on my EDT projection from October SPX 1820, the 1st wave took a little over 2 months, the 2nd wave took a little over 1 month to February 1st, the 3rd and 4th waves took about 4 weeks each and final wave 5 up has been underway for 1 week with 1-2 more weeks expected. SPX has formed a sideways triangle for wave 4 while Dow formed a zigzag and has an even more orderly time and price drop with each wave. 1-2 weeks coincides with April OPEX on 4/17 and the first big earnings week of 4/20. So, there is logic behind a top waiting 1-2 more weeks. However, max option pain resides at 2080-2090 so perhaps the high will be hit in the days before or after that with 2080-2090 targeted on 4/17. If SPX breaks below 2040 before retesting highs, I'll need to re-evaluate the count/pattern.
I still like 2130ish as a target for reasons of Fib, pivot and divergence. On the way down, I like 2060ish, 1980ish and 1830ish as temporary supports for multi-day bounces or big swift retracements, because those mark approximate quartiles back down to the EDT origin of 1820, largest price-volume supports and key recent price pivots. I know this is potentially a fanciful projection, but I will stick with it until it stops working and the key time window passes. Good fortune.
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