Last week saw the market push towards new highs. There was nothing bearish about the action, quite the opposite in fact, the market being able to push past resistances and into new ATHs. From an EWT stand-point the picture is becoming increasingly complicated. The more complex correction is still possible, albeit not favourite anymore. For this to happen the market would need to turn quite soon and avoid pushing significantly higher from here. The most obvious bullish scenario is for a nested wave up from the 2320 low, which would need the market to head higher in a steep manner (continuing the action of last week)
Weekly cycles are unchanged, with directionality still at the lowest level despite the bounce. Once that moves, it would be a confirmation that the up move is really bullish.
On the daily cycles we saw a support level trigger also on ES (following YM). The up impulses are continuing to unwind and the next resistance levels will be very important to watch for reaction, especially since it will be a 3rd END on ES, marking the completion of the impulse.
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.