A Run Towards 930

Yesterday’s uptrending price bar on the cash S&P500 index makes it very likely that Friday’s low was a Level 1 Price Reaction Point. My problem is that I don’t know which Price Pulse ended at that point. If the L1 Beta pulse completed at Thursday’s low then the short-lived rally into Thursday’s high was the L1 Delta and then the X pulse completed Friday with Y underway now. On the other hand; if Beta completed on Friday then Delta is now unfolding. Both possibilities are shown on the chart. If we are currently in the Delta pulse the market is almost guaranteed to fail at making a new high but if we are in Y then it is possible.

Price did bounce off of the Level 2 Beta – X trendline (shown in green) while the TD REI oscillator triggered a “buy” signal yesterday. This action supports a retest of the high at least. Fibonacci resistance levels are on the chart and may act as resistance points as we climb towards 930.

The experimental trade position remains short from 897.34; stop & reverse at 930.17.