Primary & Weekly Cycles
We can see in the above chart, the Primary Cycles and levels having a major influence in the trend and also the major turning points in the market.
From the exact highs at 6005 and the exact lows @ 4750, and now the 2015 50% level forming resistance.
My view is that the stock market is heading lower, but it is likely to find support around the 2015 lows @ 4990-5065 until the end of the year.
When we look at the Weekly cycles, the trend bias remain robust in the short-term defined by the November 50% level and Weekly lows.
Therefore those 2 levels @5213 & 5116 are your short-term random support zones within a larger Primary Cycle that's wanting to move lower.
