Loading ...SPX Intermediate Cycle update
Yes I took profits on Shorts on Monday near the 38% Fib retrace but I do not think that the move into the IC Low is finished just yet. I have the SPX on day 27 of TC3 and the average timing band for a TC low is 36-45 days.
That said stocks were oversold and had also hit the bottom of my Red Fork which is one of the price channels I am watching. This looks more like a half cycle low and I will short again if/when price reaches the top of my smaller Green channel. I suspect the final IC Low will more than likely hit the 50% or 62% retrace before the IC Low is in.
