Since then, the futures have drawn a very clear sideways triangle, which I think points us to new highs on the indexes next week. If the count is right, these red candles are a false break, and we still have that one high left to go.
/ES will need to get over 2066 in the overnight session, then kissback the B-wave triangle tomorrow and leave it in a hurry. Chart courtesy of Finviz.
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| /ES hourly with B of 5 triangle |
When we finally do break from the ending-diagonal from the October 2014 lows, we should make a beeline straight back to 1820, i.e. the drama this week actually supports the case that the high is not in and the E-D is not complete.
Good luck, and be careful out there. If I'm right, this will be a nasty little squeeze to the 2150 area on the S&P 500.
2 comments:
The pitch to which he was aroused was tremendous. All the fighting blood of his breed was up in him and surging through him. This was living, though he did not know it. He was realising his own meaning in the world; he was doing that for which he was made—killing meat and battling to kill it. He was justifying his existence, than which life can do no greater; for life achieves its summit when it does to the uttermost that which it was equipped to do.
-- Jack London, White Fang
Hello CG.
Looks like monthly bol' might slip into the 2160s in August. New historic highs in the Dow, sp' look very viable in August...before a more severe wave lower
The low 1800s look difficult.. I am certainly seeking a break <2K this Sept/Oct.
That would give the mainstream a good scare.. hell, some of them will probably start screaming at Yellen for QE4.
*if market upset in Sept... that'd then push out a rate hike... urghhh.
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