The grind continues as every early pullback gets pushed back up throughout the rest of the day. If I didn't have the FP as the target I would have already shorted this market I'm sure. Now we have a new all time high on the ES and Nasdaq. The DOW is close but I don't know if it's going to make it or not? My focus is still on the 655.66 FP on the SPY, and of course we should pierce it a little.
Everything is lining up nicely now for it to be hit this week and top out the market. I don't know which day of course but it should hit before the week ends. There may or may not be some exhaustion fast squeeze... I don't know? Many times tops just quietly happen and no one really notices them.
That could be the case here as we are basically only about a 120 points or so away now since the high on the SPY as I write this post Tuesday evening is 643.24, which is 12.42 SPY points away and that's roughly 124 or so points on the ES/SPX. Next week is still looking likely to cause a nasty pullback, which could last into my September 18th ideal target date... who knows? I only know that's a ritual day and should be a top or bottom, and right now it's looking more like a bottom.
That could change of course as maybe the first leg down last into the end of August (the A wave) and then the B wave rally back up tops on the 18th of September? I tend to think the entire ABC pullback will end into that date but I could be wrong. We need to see how fast the first pullback happens to gauge the time needed for the B wave rally. For now though I'm just patiently waiting on the upside FP to get hit so I can short the pig.
Have an blessed day.
