ES 4417 which was a first draft projected target from March '21 has filled and as mentioned, first draft targets are rarely the final. There is always a 'completing move' caused by the momentum somewhere just above. Likely headed there soon. Daily [and weekly] breadth NYAD MACD looks to be setting up for a top of some degree when it gets there.
Weekly breadth turn ratio flagged a bottom in volatility on 7.9.21 and it usually takes around 4 weeks to print a top in cash after that date but the way this market has stretched, that is a rough estimate. The volatility turn ratio flagging a bottom at the weekly degree is rare. The previous signal was about 4 weeks prior to the 2020 top. If VIX takes out it's lows, that signal will be void. So far no threat of that yet. A top that prints next will likely be a 'pivot' prior to the 'terminal top' but it could be on the dramatic side based on the weekly breadth pattern that stayed elevated for a while and then dropped hard. That remains to be seen, of course.
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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