Another day of strength for the bulls yesterday as the early pullback was bought right back up. The bull flag is mature now and could breakout any day now. Maybe today, tomorrow or even Monday? I suspect though that it will happen this week as by mid next week the bullish cycle fades and the bearish cycle come into to play and last until Christmas roughly.
But again, if we make new all time high my wave count from Monday will be toast and the pullback the next couple of weeks should be mild. If we reach 7000 this week I will take a conservative short that will be small and will only look for about a 50% pullback into the first part of the following week, which is OPEX week.
I'd expect to see a move back up into Friday the 19th though as most monthly OPEX weeks are bullish. Then one more pullback into Christmas for a test of the prior weeks low. After that of course is the Santa rally, but I'm getting ahead of myself. Let's see first if we get a breakout this week to hit 7000 or so.
Have an blessed day.
