I do have much to do today, so here is a very brief update on just the SPX hourly, daily and weekly charts with my momentum set-ups. The only context I want to show from the hourly is the two previous fib points of support/resistance below, either of which could become the target for this wave-ii correction, though I favor the lower range of ~2250ish.
Link to SPX hourly chart: https://postimg.org/image/t7abiyba1/
On the SPX daily fast momentum chart, the price and momentum indicator lines have come down to the Andrew's middle trine and broken a confluence of support lines, respectively; follow-through would suggest at least a ST top is in. The SPX daily slow momentum line has broken a latent UTL and is dropping into its next UTL; again, a break here would suggest at least a ST top has been acheived. Please also note the negative divergence on both charts of price versus momentum.
Link to SPX daily fast momentum chart: https://postimg.org/image/hw7nul4ex/
Link to SPX daily slow momentum chart: https://postimg.org/image/ketcv9q55/
On the SPX weekly fast momentum chart, note that the momentum indicator line has broken the TL, if this is a ST top, then I suspect the next UTL lower (dashed line) would be the wave-ii low target... note how long the negative divergence has been in play. On the SPX weekly slow momentum chart, it too has broken a higher UTL, and if as in the slow momentum chart, I suspect the higher dashed UTL is the next target... twt.
Link to SPX weekly fast momentum chart: https://postimg.org/image/3sbsm6x7d/
Link to SPX weekly slow momentum chart: https://postimg.org/image/jrug5qt95/
Bonus... Link to SPX monthly fast momentum chart (note it would take a close below ~2285 for the month to suggest a larger CIT is under way): https://postimg.org/image/ufy74l389/
Edited by tsharp, 13 August 2017 - 08:26 AM.