At this point, I'm reduced to updating my chart of the 2007-2009 cycle, expanded by a factor of .146, overlaid on to the current tape, while waiting for a short entry into the McHugh phi mate turn coming up March 1st.
SPX 1525 would be the ideal place in my work for the top and turn, a final touch of the big wedge. 100 SPX handles down would close the gap at 1425 and give us our first bounce, a sharp one, if 2007 is our guide.
With this timing, the May 1 FOMC will see us rollover into a frightening wave 3. Before any of this gets underway, I urge you to go back and review the tape from 2007-2009, and understand just how vicious and nasty the retraces were in this thing. Look at 3/17/2008 to 3/24/2008, stuff like that. We're going to see moves like this again.
|SPX 02-14 2007-2009 expanded cycle overlay|