1:42pm EST: Looks like a mid-size corrective in the 4% up leg in ES. Higher targets to come after it completes. Could also be whipsaws not requiring a label just yet. There is an outside chance that a 'pivot' decline could ensue from here because of the proximity to terminal target zones.
Not at a top yet but if a top is likely sometime soon, it will very likely come on the heels of "everything is looking peachy". The current headlines are beginning to fall into this category. Confidence rises as fear is no longer an option. Investing is a 'sure thing'. Readers of this blog will have been made aware of all of the indicators that demonstrate the extent to which a top may well be approaching. One of the surest signs we are in or approaching the final stretch is headlines like "US Economy Runs Faster Than Indy 500", "Markets Climb To New Records", "Back To Pre-Pandemic GDP Per Capita Levels" - all of these are positive observations to be pleased about except- the sentiment that is demonstrated by the focus on these events can also belay an over-confidence in how it is different at these new records. Forgetting that all major tops come when new records are somewhat 'normalized' and expected and no longer make headlines. We are not quite there yet. Still some way to go but temper expectation with some reality.
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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