with Anthony, ZigZag & Platy
After meeting our upside objective of 142.42 in the SPY with a high of 143.09 on the 21 Aug we have been moving sideways in a consolidation pattern. The technical take is that we have currently bounced off of strong support and are looking for a move higher, however the limit of that move up may well be limited to the prior high set on the 21 Aug. The chart below shows that we are in a channel moving up and we should now retest the previous high, however we are running out of time. The MasterCycle which is a new development has been outlined below in the projection, the red lines representing highs and the green lines representing lows, again i must stress that these are time cycles and not indicative of the magnitude of price movements. At the moment the market is hanging in the balance, as long as we stay above the mid channel i believe we could make the major high by mid September, however a move below the channel and i believe the MasterCycle scenario will play out into 17 Sep. I also have the following Solar CIT dates of 05 Sep and 12 Sep (+/- 1 Day) and ideally should my September high projection play out then the 05th will be a high and the 12th will be a low into the FOMC meeting.
Attached is a historical lookback at the MasterCycle, one cant really argue with its current accuracy. Again like all cycles it can invert and sometimes be overruled by more dominant cycles.