(2) There is a more recent formed since Nov14 exhibiting ever lower realised .
(3) It is unlikely that SPX will carry on climbing in the red from here.
(4) I see the 19th of June as the last date around which a resilience top could be achieved.
A – The upside is limited locally (2%) and probably capped at 7% until year end.
B – It is a question of weeks before SP500 starts a 9/13% correction.
C – As can be seen from the chart, the next 12 months shall be volatile/Flat between 1880 and 2260
If I am correct, there is great trading ahead.
Two adverse scenarios:
I - Ballistic to 2350 into Dec15 without at all –Unlikely.
II - Flat/no to 2250 into Nov15 – Unlikely but more realistic.