1pm update - fifth wave peak not far away

The main indexes remain in melt mode, and the sp'1700s look set to be hit later this afternoon. Weekly index charts are offering sp'1705/10 this week, daily charts are offering 1720s. On any basis, the bears still have at least another week..or two to wait.


sp'weekly8 - mid-term 'best guess'

Summary

Another green candle..although yes..a long week ahead.

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With no real news out there, and 2 big QEs, sp'1710/20s look likely by the end of this week.

The only issue is whether we then max out early next week, ahead of the July'31 FOMC.

Right now..that IS my best guess.

Downside from the next peak will (again) be the lower weekly bollinger..currently 1526..and riisng.

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*I remain on the sidelines...surprisingly, I'm not finding that too difficult.