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.
|/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.