No longer updating every Sunday; only when my opinion changes or targets are met. And they were met today. So, is that constructive with more upside or do we retrace. I am still thinking the larger move off of 297 is still part of a correction that implies a new high eventually. The new up move off of 255 is a correction of a correction ! Not exactly clear yet, however market has traded nicely in technical terms with today's high hitting near the 78 % retracement of 297/255. This second leg up, launched from a bull flag with base at 270, is projecting up to 299. I also have some other point and figure targets at the same level. So, I would continue to err on the long side with your first stop ard 281.60. Or more agressively, 279.50 /277.90.
60 Min - also, depending on how you draw this, you could make the last few months a bullish wedge pattern. Seems the first leg down was a a 5 wave diagonal pattern which makes me think we test lower in the medium term. Can we take out 300, test lower and then resume the trend? I think so.
Weekly - held nicely the trend line with volume increasing substantially. Bearish candles still in play. Again, this looks like a third wave of the final 5th.
Point and figure - pointing to 299.
Open interest - fund future only position showed liquidation, however, quite a bit of options (yellow bars) recently, adding to long position. (mkt has increased nearly 20 cents since report (tuesday mkt).
