corrective cycle

While the Stevenson PTT concept is a bit difficult to read in trending markets it does tend to be clearer in range-bound or corrective markets.  Take the SPY for instance;  going back over the past month price has adhered to roughly a 10-day cycle while it tries to determine a direction for a more sustained move.

I have never really been satisfied with the reliability of the Stevenson target projections (red line), but the CTL (purple line) usually holds true to definition (CTL = Cyclic Trend Line, where a close outside this line indicates the beginning of your next cycle phase).

Here was another classic corrective cycle last summer with very symmetrical cycle lengths