In the previous newsletter we were warning that the action had nothing bearish in it and the EWT more bullish scenarios were becoming favorite. The market followed through last week and pushed even higher.
Weekly cycles saw a slight change in that directionality on ES finally moved off its lowest level. YM didn’t do that just yet, but will likely follow unless the market turns soon.
The daily cycles triggered new resistances, but the market managed to break above them. The breakout is not significant just yet and may prove to be just a spike. But the further the market moves, the more likely the breakout becomes. The resistance levels are still important to watch, in case the market moves lower since if the back-test holds, that would be dangerous for bears.
The 288 and 480min cycles
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