The sharp drop Thursday is a solid indication the move up from August is a completed wave. Late Monday to Early Tuesday is a cycle turn time zone with cash index 1567 to 1570 as the projected high. The weekly up cycle projected high is at 1584 and since wave "c" of C is an extended wave a new high for the move is not unusual and if we do get the cash to 1584 areas the next leg down will drop to 1500 very fast. There is a huge call open interest at 1525 so expect a drop to that level before Thursday. If support fails at 1515-1500 odds increase the AB top for the four year cycle has also topped. The 1525 to 1515 area has to hold for the market to achieve the 1605-1635 favored target in November.
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