EOD: Main take-away for today is a week-ending negative breadth print. The last one was on 2/8/21 and that produced a strong vertical tear upwards. The set up today is slightly different as readers of this blog will have discerned and no detectable termination vector parameter measurement has yet showed up for the decline so it may not be over. At best, we may have begun the pivot action near the end of this leg that began 3/23/20. Early days still yet.
3:17pm EST: Potential pivot commencement territory- not 'the' top yet. Could go 2 - 3% decline if a pivot does commence, then a bounce to new final highs. If the week closes on a decline, that would be one weekly histo bar in the red on NYAD MACD which is only a beginning at best. ES 4168.25 - 4161.75 is a measured low zone so anywhere in there most likely gets us a five waves down completion. ES 4167.5 could be all she wrote for now unless it goes for subwave [iii] down inside wave 5 down at 4161.75 zone.
Closing at ES 4166.75 or above still gives wave 'v' up (solid yellow border) a shot in this leg.
11:18am EST: Trying to sneak out the bottom or just find a new low to begin a vertical tear upwards as per usual.
10:25am EST: Could be a 3 wave move up to the diamond upper trend line area or wave 3 of 5 that goes straight out the top or some other pattern as yet unknown.
Given the market appetite right now, a continuation has an equal chance even at the depths that the various parameters are printing. Still no weekly negative breadth numbers on advance-decline (NYAD). The NASDAQ (NAAD) breadth print has a tiny negative component not sufficient to hang anything on at the moment. Most likely treading water for a few more days. Some movement towards a pivot might be expected in the ensuing weeks.
For a more detail analysis regarding how we assess a pivot action can be seen here.
See Critical Long-Term UPDATED 4/12/2021 Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
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