The S&Ps should be undergoing a wave E of a 4th wave triangle as it appears my ABC correction forecast fell flat. Wave E's are usually caused by a news event so be in the lookout for big news announcements tomorrow and Thursday. Then, I'll be looking to get long for a sharp strong and fast thrust higher to break out of this triangle.
The consolidation in the S&Ps has been quite extended so I expect a large extended move higher to the 2300-2400 level before topping and completely reversing.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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