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The market is very OB on the 4-hour and daily, which had lent itself to much speculation as to when the market will reverse.
The YR1 is 5089. If you notice on my weekly and monthly levels, they are accurate, but there is a lot of times where the move will continue on the other side of them awhile before the reaction happens that we're looking for. In retrospect, that is one thing to keep in mind as the market approaches the YR1. The next level to look for as possible containment for the week is the WR1 at 5118. This all forewarns that any day we are going to witness a sharp bear candle.For this week, as long as the WR1 contains, we should get a move to the WS2 at 4924.
There is now a very strong cluster event at circa 4766. That should contain for the next bullish move back to the YR1, and even possibly as high as 5276. This whole movement that is going to ensue can now be looked at as a broad consolidation, and also keeps the YS1 at 4158 no the radar, but puts serious doubt on the YS2 at 3693 being hit.