Last week the S&P 500 cash index marched to pass 2717, which is a prior swing high.  It closed firmly above 2717 as well.  This action took place on the 5th weekly bar of the weekly cycle which was started on 04/06/2018.  So the cycle location is much clearer now.  

The correction of the January high in price was finished on 04/02/2018, on the week of 04/06/2018.  It made a 38% retracement of the price movement from 11/04/2016 to 01/26/2018.  It made 23.6% time retracement to finish the correction.  We count the ending point of the correction time as the week of 05/11/2018 because it is this week to form the structure to show the conclusion of the correction.  The price low was made on 04/02/2018.

So the current count is as: entering the 6th weekly bar at the weekly cycle level, entering the 7th daily bar on the daily cycle level.  It is on the 2nd daily cycle within the weekly cycle.  The first daily cycle was finished from 04/02/2018 to 05/03/2018.  We hope our readers can grasp the fractal nature the cycles, the daily cycles are fractals of the weekly cycles.

Based on the cycle location, we can reasonably to expect the market to take on 2800 price level in the next 2-3 weeks.

The Dollar is getting stronger and the interest rates are rising as well.  These two factors will serve as the main reasons for the bears to argue for a prolonged stock market correction.  In our models we expect the strong Dollar and the rising interest rates to fuel the stock market to climb to new heights.  In the early phase of coming out of the cycle bottom, there are plenty of worries and hard fought battles.  So sit tight with your long positions.