|SP500 2-Hr Chart : Thrust from Triangle|
That was anticipated, and, today, I also added some of the more significant gaps (in red circles) that could fill should there be a turn-around. The count at the present time allows for a wave four ((iv)) and then a wave ((v)) higher. That would finish this (b) wave up in the S&P500 with a structure - a triangle - which is common before the last wave in a sequence. And, while wave ((v)) of C can certainly make a higher high, it does not have to. It could truncate.
Although today was a nice pop higher, I remain completely neutral and am primarily "counting waves" until a top is in. Folks, I know some people are already counting the end of the bull market. And while I do expect a significant correction shortly, what did we just have? We had a "running triangle", didn't we? With a higher ((b)) wave, right? The problem for the outright bears is that a "running triangle" usually points to higher prices overall in the market. And, given the recent highs in the advance-decline line, it is more likely pointing to the overall diagonal scenario we suggested in the YouTube video: there is higher to go, but it will be a fight for marginal highs.
Today, the ES touched the upper Bollinger Band, but on a divergence from the slow stochastic. It is possible that tomorrow will exceed the band higher, and lead to a "turn-around Tuesday".
|Daily ES E-Mini S&P500 Futures Touch Upper Bollinger Band|
No one can say for sure, but it certainly a good possibility given the count as we show it.
Have nice night!