The shorter term harmonics of these cycles (18-20 day) already triggered its FLD line by crossing below SPX 1645 (cash). From the recent record high of 1687, this projects to 40 points lower or SPX 1600 break away gap support for now. However, this projection also triggers a cascading setup as lower (or longer term 38 tday cyclical) FLD line will be violated by Hurst method. Depending on where the FLD will be crossed lower, we will have lower targets. For example, if we see a cross around SPX 1625, this would trigger about 60 points lower to 1560 zone, it would be the previous support zone and makes sense.
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p13437469031&r=1370204649790&.png
The lower FLD for 80 day cycle low is probably not going to be a valid trigger unless the market gives crash signals next week (read: a plunge). Honestly, the market has been strong and there is only 40% chance to have a decline below 1580-1600 support zone. For next week, we should expect a test there at least. The breadth is getting oversold, so a bounce will be due shortly and this is why any divergent decline should only reach down to SPX 1560 later in June...
The statistical model also agrees with the analytical projections now unless the market finds support immediately and somehow avoids triggering 1625-1630 FLD next week. As I said above, there is roughly 35-40% chance for market to find support above 1520s...
Best of luck...
