Last week was the most bullish one in quite a while. Tuesday put in a low in the o/n on the North Korea missile test news, but from there the bulls did exactly what they needed to. They defended the previous week’s lows and moved up never looking back. They also managed to overlap 2475 which negates the most bearish scenario (a nested sequence on the downside). So while that seals an 3 wave move off the ATH, the bears do have one more option as far as EWT goes. And that is a (yet another) flat. However, there is quite a lot to be done before that takes shape (namely that 2455 is overlapped before this develops into a 5 wave sequence), so the bulls have to be viewed as favorites at this point.
On the weekly cycles, the mcm-MA continued to provide support and market bounced yet again from there. No sign of a support bullish retrace (BR) just yet.
The supports on the daily cycles held nicely and directionality also bounced. Bulls did what they needed to and avoided a potentially very dangerous situation (an impulse down).
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