Crunch time coming
Komen:
At min closing the gap at 2850 following the template from 2015/2016
Komen:
SO basically next week SPX has to establish a higher low vs 2533
Komen:
Essentially if correct, currently SPX should be in impulsive Wave C of irregular flat that started at the Feb low
Komen:
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 bouncing
Komen:
Fasten the seat belts one way or the other
Komen:
Good early start on the preferred scenario
Komen:
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 2850
Komen:
Essentially 2 grand options: W2 in ED or W4 in impulse
Komen:
55wma is at 2540 now and rising a bit. This should serve as a support
Komen:
Final estimates of GDP at 2.6% YOY and Final sales to domestic purchasers at 2.9% all at cycle highs in 4Q17
Komen:
Seems to me another test at 2570/2580 needed
Komen:
Nope, seems truncation yesterday as Trannies appear to have bottomed. Triangle as W4 still not invalidated
Komen:
Make or break support at the 55wma
