SPX Roadmap Update March 2018
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Crunch time coming
Nota
At min closing the gap at 2850 following the template from 2015/2016Nota
SO basically next week SPX has to establish a higher low vs 2533Nota
Essentially if correct, currently SPX should be in impulsive Wave C of irregular flat that started at the Feb lowNota
In the grand scheme of things, P5 leaning to ED of which current wave could be start of Wave 2 down. I expect summer to be big down but for this next week needs to hold and start bouncingNota
Fasten the seat belts one way or the otherNota
Good early start on the preferred scenarioNota
The most bullish scenario is a classic 4th Wave triangle above rising 55wma which could be underway also. That one will target above 3000, but for now lets focus on 2850Nota
Essentially 2 grand options: W2 in ED or W4 in impulseNota
55wma is at 2540 now and rising a bit. This should serve as a supportNota
Final estimates of GDP at 2.6% YOY and Final sales to domestic purchasers at 2.9% all at cycle highs in 4Q17Nota
Seems to me another test at 2570/2580 neededNota
Nope, seems truncation yesterday as Trannies appear to have bottomed. Triangle as W4 still not invalidatedNota
Make or break support at the 55wma
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