The strong rally from the June low has continued unabated, broken through Fibonacci resistance and now challenges the all-time high in the cash S&P500.
It must be emphasized that the TD Sequential “sell” signal has not been triggered on this chart; a price flip being required after bar 13 was reached on July 8th. Now it must be noted that any move above the 1692.51 level will give us a new TD Setup and recycle our sequential countdown.
From a wave perspective … A move to a new high dramatically increases the odds that the action from May 22 is simply a corrective pattern in a larger upward trending pattern. I will take a look at the wave pattern over the coming days.
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