The basic model for I1 is that a trend in the direction of I1 will hold at the DJI 5-minute, 370-unit (critical) M/A. Within this broad band the market will also hold at SP futures 30-minute M/A.
I1 has developed a 7-8 day lead which will be eradicated at some point. If the market holds at DJI critical M/A +170 points then this will confirm that the lead has disappeared and raw I1 will track the market. Obviously, this is what I hope will happen.
Key for the intermediate-term trend is DJI overlap of the April high, which will eliminate the 5-wave up potential wave count. Going into this morning I counted this high as 12,421, but the count ending it at 12,383 was equally valid. DJI held at 12,380 and avoided the overlap.
By rallying from here the market will trap chart traders playing the obvious breakdowns from congestion overhead.