I am back from holiday and normal updates are resuming today.
The retracement last week was larger than expected and established a larger rising channel from the 2691.99 low that is part of the larger overall rising channel from 2594.62. Shorter term channel support is now in the 2803 area, and I’m looking in the video below at a possible short term retracement to backtest the new weekly pivot at 2824 ES / 2825.5 SPX, support by the 50 hour MA currently at 2823 SPX. Ideally we would test and reverse there to start the main move to the retest of the all time high.
Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:
On the upside you can see that the two channel resistance trendlines will intersect in the 2890s later this week. That is a possible price and time target for this move. SPX 60min chart:
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Hi Jack
If one looks carefully (60min chart), price pattern behaviour from end of June low to now is mirroring that from the May low to June high. Yesterday (Wednesday) is equivalent of being at 8 June. If pattern continues it implies high arrives next Mon/Tues.
Grant
That wouldn’t surprise me at all.