Still a lot of resistance overhead that the market is bumping into now. We could pullback small into this Friday another time before we get the breakout move higher to finally reach 6000+ on the ES, and try to get up to a double top. There's not much on the news front for "events" coming up the rest of this week. However, we have the non-farm payroll report next Friday, June 6th.
If I had to guess I think that will be the last date before the market starts the real decline. What it does between now and then is hard to figure out. If, some how, we blast through this 6000 resistance zone this week then I'll have to think we will end the 5th wave up and the decline will start next week.
But if we fail to get through it, and pullback small this week, then next week should be the last attempt for the bulls to get through and make a run for the all time high. My lean is that we don't get through this week and pullback small, and then do the final move higher into late next week. It could just be barely higher then the 6000 level, or all the way up to a double top.
There's no way to figure that out right now, so we'll have to just let it play out. Basically, I'm looking for this final 5th wave up to subdivide into 5 smaller waves where the (wished for) pullback into this Thursday/Friday is the wave 2 down, whereas the move up from last Friday (into now) is the wave 1 up. That would setup a wave 3, 4, and 5 for next week to finish the final 5th wave up.
Have an blessed day.
