The cycles are starting to get a bit clearer for this week.
We are also seeing a lot of resistance lines converging.
- The channel that is forming currently is pointing towards 1660-1670 by the 20th.
- This is also the underbelly of the large channel created from the November lows.
- It is also the underbelly of the broken triangle support line from late May.
Not only that but OBV is at the same level as 1661 thereabouts.
CCI trends seem to top off in the 20th to early 24th timeframe but downside pressure starting to build after that. It seems that either the top of this B wave is 19th / FOMC day or early 20th.
I will be refraining from shorting until then. In the meantime, I intend to stay long but will be passing out my longs to complacent bulls in a couple days.
Expect a lot of volatility around FOMC.