New week, new ATH seems to be the current turn of events. After a brief pull-back on Monday, the bulls quickly got back in the game and pushed the market to new highs. They also finished the week in style at the highs. The pullback did not manage to overlap 2480, so from an EWT perspective the bull nest off the low at 2418 is doing well (and still favorite). It now looks like we have put in a 5 wave impulse off the low at 2428, so the (presumed) 3rd wave off the 2418. The bears are running out of near-term options as the apparent bull nest is unfolding and unless they manage a rather direct overlap of 2455, the bulls are still favorites.
No change on the weekly cycles. The up impulse is alive and well and no pullback was big enough to trigger a bullish retrace.
On the daily cycles ES broke above resistance and held a back-test. And the up impulse also confirmed last week by having the mcm-MA also moving above resistance. That is bad news for bears. YM is now directly testing its resistance level so one last (slim) hope for the bears to turn this down in the near term.
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