Once the resistance area was broken, SPX pushed up and reached the short term target zone. In fact, it was exceeded slightly, and right on time. There is room in the Deja Vu Cycle for a dip and consolidation next. A number of supports rest below.
After some cooling off next, SPX may spike up quite strongly later this month according to this Cycle to complete the sharp rally phase.
While dips may still be possible this upcoming week, the downside target area was practically tested already. That may have been close enough. If so, then dips may only be minor going forward with a relatively sideways market next.
Overall, the sharp rally phase is likely to continue for weeks to come. Testing of the broadening top formation line is coming into striking distance.
Equal timing and price measurements can be estimated with measured moves.
SPX may be at the yellow arrow in the Deja Vu cycle. The red trendline is of critical importance.
Deja Vu Cycle from 2011:
UVXY closed Friday testing the lower channel fork. It may still bounce around, but when it drops below, then another final leg down looks likely soon. It is early, though can start to look at preliminary estimates.