SP500

After one more trading day the US market has printed the 38 to 62% retracement that I was looking for:

However... (there is nearly always a however!)...

The market drop on Friday night could well have marked a short term sentiment low.

Here's an alternative (bullish) interpretation of the SP500 chart:

Just to reiterate... A new high from here would most likely print a breadth divergence, however a drop back down to the 2120 level could also potentially print a divergence in favour of more upside. 

It's a bit of a dilemma so the end of week sentiment data will hopefully assist!

The potential cycle highs this month are enough to keep me out of the market at the moment but if given enough time another high confidence entry point is sure to appear. : )