The next cycle low is next week on Thursday the 24th, so if we continue the choppy mess of small up's and down's into that date and don't really go anywhere I'd then expect that to end the pullback and start the rally up into August to run to the 655.66 FP on the SPY. From there we should see a 7-8% pullback, but again, I'm not positive on where we are at in the comparison of the 2010/11 pattern.
We might be in the early part of the 7-8% pullback now? If so, then we should hit the 588.79 FP on the SPY into the 24th, which will fulfill the 7-8% pullback. Then we rally hard the rest of July and into August for the 655.66 FP. It would then put in a nice bottoming tail candle on the monthly chart as that low would be retraced hard by the end of July, which would keep the market bullish on the bigger charts.
Of course if that pullback doesn't happen, and we just hold the 6200 lows (roughly) then the market is even more bullish then I thought it was. We'll have to just let it unfold but once the 24th (roughly) is here I'll be looking for a strong rally up to follow.
Have an blessed day.
