The market didn’t do much of anything last week, probably trying to prove that sideways is also a direction. We did get a higher high vs the previous week on Wednesday, but still finished the week lower. No change in our EWT (short term) scenarios - we still have a 3 wave correction from the ATH and the current bounce overlapped the 1st wave low, so the current move should continue to new ATHs, unless the bears turn this into a nested move down. The low close to 2320 is the level to beat for bears, while overlapping 2390 would more or less guarantee the bulls that new ATHs are coming.
No change on the weekly cycles. Directionality continues to move lower.
The daily cycles have the bullish retrace (BR) supports in place which have held the decline so far. Directionality is still stuck at the minimum level, so once it bounces we would be on the look-out for an END resistance higher.
The 288 and 480min cycles You need to be authorized or upgrade to see this content. Please go to http://mcm-ct.com/membership-signup-dev-2/ to sign up.