Here is a 60 minute bar chart of e-mini day session trading for the past 6 weeks. The e-minis have aready rallied above the high of my range estimate for today (blue rectangle). The market has reached the average level (923) of several highs and lows that developed during the past six weeks (dashed red line) and is just below the 928 high (red oval) of the big rally on the way down to the 865 low. My guess is that the e-minis are about to begin a reaction which might last as much as a day. The worst I see on the downside is a drop about equal to the 15 point drop on the way up (purple rectangles).As you know I think this market is headed for 965-80 and eventually above the 1000 level over the next few months.
4 comments:
What a great call, stretching back to early last weekl. Fantastic.
Simply great, Car.
I still dont think this rally has legs! If you look back from the lows of the runup, we have not even retraced 38% from the highs, I cannot imagine this leg up going to 1000!
JMO
Shorts having to cover on expiration week. IMHO.
Got a major solar eclipse next week if you are into the astronomical charting thing.
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