Yesterday we got a pullback in the ES Futures while the SPX Cash was closed, and that pullback got pretty much fully reversed back up. Any move down today probably will be the last chance for bears to exit as it's looking more and more like they want to make one more higher high before we get the big correction everyone is looking for. There's just not enough time to produce it now I think as the 25th/26th is where the next turn date is at and I just can't see it dropped hard in 3-4 days. Unless there's some kind of "event" to trigger a surprise mini-crash "time" is simply just running out for the bears. Plus, the wave count looks like we still need one more move up. Below is a chart of it...
As you can see we could still get another move up into next week or even the week after. If you remember I did a post about a prophecy that said Japan was going to get hit with a Tsunami on July 5th (http://reddragonleo.com/2025/05/05/es-morning-update-may-5th-2025/), so while I pray that is wrong and doesn't happen, what if the market rallies into July 3rd to make a slightly higher high, then is closed for the 4th of July, and this event really happens? What do you think will happen to the market on 7th after it opens that day? On top of that we have Trump giving Iran 2 weeks to come to some kind of agreement. That's right into the 4th of July too, and even if the Tsunami doesn't hit what if Trump attacks Iran? What if there's a false flag on the 4th of July? I don't have anyone mentioning that but anything is possible.
If this plays out it will surprise everyone I think, but I don't want to see a Tsunami hit Japan, so I hope I'm wrong. But currently this market is not wanting to breakdown. Every attempt gets saved, so while we can still see weakness into next week to fulfill the cycle patterns of a low into the 25th/26th that low is not looking very like to be very much. It's not even looking like we'll hit 5800 at this point. I think at this point it's going to take some event to trigger a big drop, and until that comes over the weekend I'm going to be looking for only a small pullback into mid next week and another rally high into the July 3rd. Get your popcorn, hot dogs, hamburgers, fireworks and American Flags ready as it's looking like there will be a new all time high into the 4th of July.
Have a great weekend.
