Therefore, a dip is likely this week, and unlike the last brief dip (Tuesday/Wednesday last week) this one may spend 3-4 days time near a low around the target area 1390 (+/-).
The short term trend remains up. There will be dips. The sharp rally phase is anticipated to be underway for weeks to come.
Of critical importance is the red trendline. Compare the red trendlines in this chart and on the following Deja Vu cycle.
Deja Vu Cycle:
In the Deja Vu cycle, SPX is currently trading at the yellow arrow.
Once the red trendline breaks, then SPX becomes extremely dangerous.
5-Year Cycle Update:
In the bigger picture, SPX is struggling at the midfork resistance, and was rejected again in September. The 5-year cycle was due officially in October though it can come in early or late.
Even though the short term trend remains up, and the sharp rally phase continues, it is a requirement going forward to use caution.
In the bigger picture, large cycles are due, and support is dramatically lower.