Update: 4:12pm EST. Could be setting up for a reversal back down. Several vectors are pointing that way.
See latest post that will be published later this evening,
Update: 12:48pm EST. Coming up to first resistance test at S&P 2531 zone. The rise so far has been underwhelming considering what would be expected with the positive divergence showing on the weekly and daily $nyad MACD. Got to wonder if this leg still has a lower low to print.
There has had to be a detailed assessment of the parameters that determine flag signals. The current environment is new territory as far as price swings / (average true range) but there has been little reason to adjust proven parameters and call flags that aren't actually there. There are vector parameters that do strongly indicate changes in direction but they are only that so far. It is a risk-scenario / border line gamble without an established proven track-record when new parameters / patterns rear up. As a result, the best fit is to go with 'whipsaws' for now even though the vectors in the current environment do give us indications as to changes in direction. Better to sleep nights and watch for proven signals that are more likely to have persistence in a given direction even though it can be tempting to 'chase' - therein can lie ruin.
Having said that, the moves in the market do have sufficient strength to assign extension target potentials which is why those are being posted. They are not recommendations to trade based on mathematical target destinations but more of a way to gauge pattern development between top flags and bounce/bottom calls.
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