SPX has been making some serious volatile action. Perfect for day traders, a bit more complicated for swing traders.
Currently I believe the ramp from 1598 to 1642 is a wave A. Then the trip from 1648 to 1622 is a wave B expanded flat. We are currently in a wave C of this corrective move up. If A=C, and A was 44 points, then 44+ 1622 is approximately 1666.
Let's say we made wave A 1598 to 1648. This is +50 points. Then the trip from 1648 to 1622 is wave B then wave C is estimated to be 1622+50 = 1672.
The CCIs on the smaller timeframes are getting squeezed at the bottom, it's ripe to ramp again. Therefore, I am expecting a large move up tomorrow into 6/13.
However, according to the medium term cycles, the next move up (if it should end somewhere in 1660-1670), should really terminate this leg.
I am still holding some shorts but am hedged with this long position for the ramp for next couple days. After that I am prepared to build that short position a lot more to take advantage of what I think is the C wave of intermediate wave iv. It's going to get interesting.