2:48pm EST: ES 4340 zone is wave D-iv low area so could still be printing a wave D-iv down. E-v up likely still to come either from D-iv low or a new leg up after a deeper low.
Referring back to the summation index, a reasonable example of top building where the daily stochastic was bottomed [which often indicates a pending market bottom proximity] shows that 2018 created two 'tops'. See left-hand half of chart where entirely different summation patterns show at 'A' and 'B'. 'A' where the daily and weekly summation index stochastic was high and 'B' where the daily [and eventually, weekly] stochastic bottomed coincidentally with a market that had built a top.
Today's set up [right-hand half of chart] is similar but not exactly equivalent to the 2018 pattern at 'B' where daily stochastic has bottomed and weekly stoch. is descending which may also bottom, printing a top [pivot or pre-top at some degree] perhaps in another week or two?. It will likely not be much more than a pre-top given the positive nature of the weekly breadth NYAD MACD red signal level unless that changes dramatically to the downside.
If the pattern morphs into another form, a new analysis will be posted at that time. The main take-away was to establish that it was possible to build a top at some degree even with summation stochastic levels at zero however unusual that might be.
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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