I mentioned two days ago that Neely is looking for a fast, startling plunge to below 2200 to kick off the start of a multi-year bear market that will retest ES 1000.
Now ES has made it to the top of its red megaphone. The break through the bottom of the megaphone on the last trip down was fast, so the top up here could be fast as well. (Don’t get too excited. It could also take forever.)
The top here could also be the tippy-top of the entire move off the 2011 crash (purple scenario). Or a pullback to 2150ish could launch the market into a blow-off top.
ES could also start a new megaphone across the red or blue megaphone VWAP that could keep the price in a stall moving sideways for a good while before a big move down.