We got the rally I was looking for yesterday. Today is more of a grind higher as the market is clearly in a breakout mode. I don't know if we make a new all time high or not, but it's possible in the coming weeks. I posted the following in the chatroom yesterday and I still thinks i
"The recent decline from the all time high into the low reminds me a lot of the decline from 11/22/2021 to 12/1/2021... which suggests (if we repeat that pattern) that we'll see one more higher with a month or so".
It suggest a period of choppy action around the all time high into mid-August and then a pullback. Then a final move up to make a new all time high in September. This would be a "stop run" on the bears of course, and typical before a bigger decline. Whether or not it happens I don't know but that's what I lean toward.
Have a blessed day.
We seem to be following the 2011 pattern which makes sense given that it was 666 weeks from the October4,2011 low a few weeks ago. It will most likely drop to the 100 day average and then bounce again which happened in late 2021 as well.
August 16th is a key date I will be looking to. We have major astro activity and the Alien movie is coming out on that date. Mercury Retrograde starts next week but they’ll do something tricky like start a bounce from it.