Last Friday they put out a new upside FP on the ES Futures pointing to 3196 and one of our members caught it. Thanks Bec... And a few days prior to that a different member caught one for 3190 (thanks Rose). I don't know when they plan on hitting them but clearly they don't want to let the market drop yet as the futures are some this morning before the open.
It's very controlled and heavily manipulated right now. The Fed's are clearly buying to hold this fat pig up. When the drop comes most will likely miss it, which is always the plan and SkyNet does it well. I have no clue on whether this new FP will be hit first and then we drop, or if we drop first and come back up to it in a month or so.
But generally the FP's that aren't too far away are hit much sooner. Possibly we grind up into it today, tomorrow and/or Wednesday and then start the bigger drop. There are bears that still need squeezed out I'm sure, and hitting that level would fill the gap and hit the FP on the SPY of 319.12 as well, so there's your reasons for the market to NOT drop hard yet.
I'm not saying that's going to happen as we also look like we are in a short term wave 2 up from the low on Sunday night, and that means we could just rollover anytime. We have done a series of wave 1's down and wave 2's up and they all are setting up some kind of multi-layered wave 3 down... but when?
Wave count just speculation, but if accurate then a small W3 down, inside medium W3 down, inside large W3 down is coming next. But if the new upside FP gets hit first then this wave count is completely wrong as that level would likely be just the end of large W2 up.
Gotta be soon as the one thing that would kill that wave structure would be a rally up over all those prior highs. So that FP does concern me. I only wish I knew the when part on it getting fulfilled. I'm still short and will just take my chances on it, and ride out the pain if it does. I hoping the FP is some future target for August or September.
Not much else to add this morning that hasn't been covered in the past week or so. This rally is on borrowed time and a deep drop is still likely coming. It's never easy to figure out the exact day it starts. Have a great day.