I am actually kind of hoping for that correction because that would be a great and easy buy the dip opportunity before we get into the euphoric bubble phase of this market rally. GL
By the way, a full 10% correction would mean that the sp500 would have to reach 2602. And based on the current trajectory of price movement, that wouldn't happen until the very end of October or early November. Otherwise, an 8% correction could start next week as that is the estimate for price to reach that 2550 zone.
Let us also not forget about the very large divergence that exists currently on the . IT also exist on the weekly .
In order for a intermediate cycle to be considered, it first has to break the daily cycle uptrend line which is the bottom of the blue channel and is coincidently where the 100 DMA is located. The next thing for an ICL is that it should usually drop below the last Daily cycle low which is below that red zone which should also be where the 200 DMA should be at that point. I added the 50 Wk MA in there as well. I think we can reach that yellow zone if this is the correction that we have been waiting for. The results for the Catalonia referendum should be in within 24 - 48 hours after the polls close on Monday. I believe that the Spanish government is planning on trying to physically stop the vote from occurring. The vote looks like it is going to pass. That should really rattle the markets worse than the Brexit. The EU is going to crumble. There will be more bloodshed over this.
If we make it into the yellow box, I really really believe that that would be a very safe long term trade for the bullish argument. SVXY or XIV would be an easy buy in for the bubble phase of the market. I may do that instead of Jnug for a short while.....just until we can see what the gold gods want to finally reveal.