As per post #2824 when I mentioned strong momentum taking this market to 5088:
We made it there Thursday, and the market finished at 5093. A look at the 4-hour chart is showing the market is still enjoying those northern lights.
I also talked about a wide range consolidation for this market. It is turning out to be wiiiiide range. The minimum 4840 needs to be hit to finish the process, but then I also said the MR1 at 5240 would be hit before the month is out.
I would look for the current level to cause a temporary containment, and even possibly create a bear candle for Friday. Nevertheless, at this point I would say unless something drastically changes, this is the leg that takes out the previous peak at 5173, and we head to 5240. If that happens, then that effectively nullifies my 4840 target, and I'll write it off as a premature reversal from the correction after the TL break.
If we get a move beyond the MR1, then any consolidative process is over with. The market will head to 5301, and then we get and explosive reversal back in the DOWN towards the MS1 at 4793.
If we make it to 5301, a further update may be necessary. There are still various scenarios could prevail, even though the official return to the trip south promises to be explosive.
We made it there Thursday, and the market finished at 5093. A look at the 4-hour chart is showing the market is still enjoying those northern lights.
I also talked about a wide range consolidation for this market. It is turning out to be wiiiiide range. The minimum 4840 needs to be hit to finish the process, but then I also said the MR1 at 5240 would be hit before the month is out.
I would look for the current level to cause a temporary containment, and even possibly create a bear candle for Friday. Nevertheless, at this point I would say unless something drastically changes, this is the leg that takes out the previous peak at 5173, and we head to 5240. If that happens, then that effectively nullifies my 4840 target, and I'll write it off as a premature reversal from the correction after the TL break.
If we get a move beyond the MR1, then any consolidative process is over with. The market will head to 5301, and then we get and explosive reversal back in the DOWN towards the MS1 at 4793.
If we make it to 5301, a further update may be necessary. There are still various scenarios could prevail, even though the official return to the trip south promises to be explosive.
