Three

After three daily closes above the upper daily Bollinger Band, price today made a higher high, a higher low and a lower close. The three closes higher than the upper band dropped the odds to about 3 - 5% of today's close being outside the upper band, and it was not. (While the futures are still trading as this is being written, we think it likely represents the 4 PM EDT settlement time of the futures.)

Note that the daily swing-line indicator is still up with higher highs and a higher low over the 18-day SMA. The daily slow stochastic is still embedded. And until the red line of the slow stochastic closes under the 79 level it is possible there are some pros (or Smart Money machines) that might still try for a higher high against the upper band again.

From an EW perspective today we counted a possible non-overlapping fourth wave down, (iv), as an Expanded Flat. So, a fifth wave up, (v) is possible tomorrow. But, being Tuesday it could also be a turn day, as well.

It is likely that the prior swing-line low of 6318.75 would be of interest as it might indicate the end of an uptrend, and, if broken, would likely be below the 18-day SMA.

Have an excellent rest of the evening,

TraderJoe