Upward Zig Zag

EOD:  Could be in a wave 'iv' but the way everything is bought at any time, let's wait and see. A vector pattern is looking very strange in it's construction and it needs watching very closely for another week or so, It is unusual in it's size. There was a very similar, smaller one just ahead of 2018 top. In this case, it could simply be warning of a decent mid-size correction to come.

Original post:
Medium degree zig-zag corrective legs like the one we now have from March low in 2020 require very deep and complex vector analysis using many more tools than an impulsive leg. Just look at the ES futures chart at the bottom. Bottom line - we are most likely into something like 15% remaining of this leg. We continue to be vigilant however.

Note that some of the deeper tools are indicating a pullback is pending similar to the one shown on the bottom chart. It may be more of a volatility spike accompanied by a milder pullback in the market than the one shown but at this degree and within the relative size of the pattern seen, it could put the fear in some. Yes, we have been saying this for a while but it no less remains on the table especially with some recent clues showing up. Not yet at the big one (top) - more upside to go. Keep the dramamine handy.

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