At this rate we could even be in the 1350s by late Tuesday. All those chartists expecting this wave'2 to drag out until early July or even August? Err...no...more like next week, lol.
Sp'60min
Summary
Will the market close at a new cycle high of 1329/30 by the close? Certainly there will be a fair few bear stops at that level, so its slightly viable.
Lets be clear, I'm not sure if this wave'B has played out yet, its too close to call, since a full confirmation of the bull flag will only be if we break into the low 1330s.
I am most definately sitting it out until next week, and will merely wait for a wave'2 peak in the 1350/60s, that will make things much more comfortable for your resident Permabear.
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A little entertainment for this closing hour, I'm sure some of you have not yet seen this, its worth a look, I'd suggest full screen, and whack up the volume ;)
More after the close...