And If There Is Strength, This Is Where I Would Look to Next

One addition to the last thoughtIf those don’t levels do not see a reversal, then it would seem pretty clear to me that we’re headed all the way to the trend line that captures the entire market’s prior highs. There is also a fib extension up there using the Red A-B-C with a 2:1 extension up there. If they want to make this rally stupidly difficult to fade, that’s probably where we’re going to have to go (green arrow, little orange circle).

Interestingly, if we do go up there, the cross section between the trend line and fib extension gives us a date: 8/16. At this point I’m open to variations until we see a puke.

SPX

None of this changes the bigger picture (that we still have a long ways to go). It’s a matter of trying to find where and when this will fail.


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