As indicated the 5th - 6th May looks to be a significant turning point for the SP500 and also Tesla so I will just concentrate on these two at the moment . With the market down very heavily last night we did not break below the 4062 2nd May Low so nothing was triggered . Sometimes the Time Cycle dates can come in -/+1 day of the Forecast date so we have a set of clear guidelines to work with . Tonight If the market moves below 4062 Low that should be confirmation of the 6th May Low but if it does not no action will be taken as we need to be lower than that point to quantify the 5-6th Cycle . Sometimes these Forecast dates will just pass without any significant Top or Bottom being reached so unless specific criteria is met we can then act on the signal if it coincides with the Curve or let it pass . Also another important aspect to be aware of is when I draw a Curve outlining particular dates for Tops and Bottoms those dates could either come in as Top or Bottom which is why I advise to wait for these dates to roll around and then a few days before we will be in a clearer position to determine if the market is setting up for High or Low or some other pullback type of pattern.
Tesla :
I am looking for Low on the 6th May tonight so price has to trade lower than the current 821 Low to qualify . If we do break this point and form Low on the 6th May there are a cluster of prices to monitor . 796 798and 804 all very close together . 809 is important as it is two Squares up from the Low or a full revolution in price . so these targets will be important to monitor if we set up into the 6th May Low .
SP500 :
Once again we are looking for certain conditions to be met such as 4062 Low to be broken - if we trade lower than this point it will validate our 6th May Cycle and if not we will pass this trade up and wait for the next signal to come around . The previous range down illustrated on the SP500 chart was 596 points down from the 5th Jan Top so if we project this range down from the 4637 Top we get a target of 4041 . Here are a list of prices that I will be watching if we breach the 4062 level . 4045 4038 and 4028 4015
Grant, being that we hit the 4,062 do you still expect the larger bounce now? thanks in advance Scott
We hit it and it seems to be bouncing.....
Hi Grant, does it mean that if the previous lows are broken tonight, what does it mean when you said that the to confirm the cycle. Does it mean that we can take a long trade into 12th May? trying to understand,... thanks.