I clearly remember the counter rally to the 200dma in 2008. The 2 markets look extremely technically similar.
Upside -- 1274.. really nothing stopping us from getting there other than being very very very overbought at the moment
Downside -- 1231, 1217, 1200, 1181, 1121
There's our target zone. We are over that 1250 mark. 1274 is the 200dma.. We have a possible spike wash and bull trap up to 1290ish.
Feels pretty damn bullish doesn't it? Thats what these things do. Rip and burn.
There's a significant fibonacci time cluster and Bradley turn date through the rest of this week.
Obviously it's going to be some kind of top. Just not sure if it will be THE top of this yet or just a little blip down to reload for the rest of the run north.
Because of the expected power of the next major downmove, it will be fairly obvious which one it is once we start to reverse.
I think the obvious guess is that Europe is going to disappoint the world this week.. but something could come out of left field..
The biggest thing that bothers me about all this is that our countertrend rally has moved so tremendously fast that the timing leaves no other option except the market crashing into the holidays...
very odd timing..