We finally got the higher high yesterday as the ES Futures and the SPX both went up enough to complete a 5th wave. No, it didn't reach the 6050-6100 on the ES, nor make a new all time high, but that was always the "unknown" part. I said in a previous post that the market will likely fool everyone that is looking for a move to 6050-6100 where they could short it.
My thoughts were that it would either squeeze hard for a new all time high, or fall short of the double top to where no one will catch see it's already topped and they will miss the best entry to short it. And that fast spike high in the futures before the open did just that as it was too quick to catch and short for most traders. But it very likely marked the high for the entire rally up from the low.
Meaning the smaller wave 5 just ended, and that completed the larger wave 1 up as well. Why do I feel so confident about this you ask? I posted the following the chatroom yesterday:
"Back on 2/19 when we topped they put in a very obvious ritual 666 with the ES peaking at 6166.50, which stands out to me like a sore thumb as a 666. Today, we had a "not too obvious" 666 code. You have to take the 1 and the 5 in the 6016.50 and add them together. Then you are left with 666, so I think we have topped. 1:56 PM"
. I'll further add to that comment that the SPX Cash hit a ritual 666 number too. It hit a high of 5999.70, whereas the 999 part is an upside down 666 code. That double conformation to me that the high is in now, just like the current all time high of 6166.50 has an obvious 666 code in it, and it marked the high.
Beside the codes there are many technical reasons, cycles, and wave counts that say we've topped. From here going forward we should decline over the next 2 weeks to hit the FP on NVDA, which is roughly 5500 on the ES. When it hits I think the low will be in for the larger wave 2 pullback that everyone has been looking for, and wave 3 up will take us to new all time highs into August/September. As for this coming pullback, the next FOMC meeting is on June 18th, which is likely where we'll bottom.
Have a great weekend.
