- Main Trend (weekly): neutral
- Intermediate Trend (daily): up
- Short-Term Trend (480&288min): neutral
Still no significant change to be reported in the weekly cycles. They are oscillating and although the market rested a bit after the relentless run up, this was not enough to trigger a resistance level. We are still looking closely to see when one will appear, as well as to see if the mcm-MA will turn green. If that happens this would invalide the 2 consecutive LRE (lower risk entries) for shorts and should be respected. Otherwise it would not be surprising if the market would act the same as it did close to the prior resistance level, when we also had 2 consecutive LRE for shorts which triggered earlier than the resistance level.
On the daily cycles, we have fully fledged up impulses ongoing. The pull-back from the last 2 trading days was not enough to trigger a bullish retrace (BR), so price could still go lower until one is triggered. However there is no clear indication that this is the market's intention and this is not only a shallow correction. Some signs are starting to appear - as the directionality tool on ES starting to turn back down, as well as the fact that the market stopped after overshooting the predictive pivot and returning back into its vicinity - but the way these develop in the next few days will be key to figuring out the near term direction.
The 480 and 288min cycles are still oscillating after having reversed yet another attempted up impulse. A new support level was triggered on 288min at 2012, which produced an immediate bounce. The 480 has support in the making at the same level, so this proves its significance. Going forward the normal expectation is for possible up movement until a new resistance level appears, although if the market revisits the recent low it would be critical to see if a possible impulse down would start.