E-mini Still Fits Bubble Wave Form

Right now the E-mini still fits a classic bubble wave form.

A short-term head and shoulders could form tomorrow, and I would respect that, but I think the price will break out to a new high.

Even if big money is wanting to deleverage or get short here, it doesn’t make sense that they would chase little traders who are selling near the high. If the market is going to go down, they would break the price out through the high and sell into the buying there.

I think the real information on future market direction comes when the price on the SPX breaks out to a new high.