SPX pulled back from its Friday high, but appears to have an incomplete fractal/wave pattern. In order to confirm the top is in, we must see SPX decline beneath 1449.00. On the other hand, should SPX rise above 1464.00, the probability of another spike higher rises dramatically.

The fractal clock is ticking. The next turn interval occurs between 12:30 and 1:00 pm Eastern time. We’ll know when it happens. The rally we saw last week begs to be reversed dramatically.

GLD fell this morning, but the retracement is also incomplete. It may attempt to challenge its Short-term resistance at 161.28 before trending lower.

CAF made an unconfirmed new low this morning, suggesting that it is also ready to move higher. Its final target appears to be 25.70 – 26.00, its weekly Cycle Top. The next Cycle Turn date is Friday, which may fulfill all the requirements for the completion of this rally.

I’ll be reporting back at the lunch hour for guidance.

Regards,

Tony

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