This manic phase where the market doesn't pull back, accelerates higher each day figures to have that last push into 2280. My initial projection from late October suggested an ICL on Nov 8. A very difficult trade at the time due to the binary effect of the election on that date. Last week an analog was posted suggesting that the pullback into 2180 was very close to the Aug 1-2 type of decline that would produce an upside resolution. However this "wave" is closer in energy and structure to the initial ICL low in Feb-Apr 2016.
The upper channel line is approximately 20 SPX points away. Either FOMC day or early in the week before a sharp reversal is my best guess. RUT is already at the upper channel line and lost its leadership today (familiar story, look at the Russell divergence on November 4th, prior to the ICL low).
At the minimum I would estimate a test of 2280 SPX cash and a pullback into the 20day EMA (which was close to being tested in SPX, but was tested at the lows on Sunday, 12/4 in ESZ6/ESH7).
The upper channel line is approximately 20 SPX points away. Either FOMC day or early in the week before a sharp reversal is my best guess. RUT is already at the upper channel line and lost its leadership today (familiar story, look at the Russell divergence on November 4th, prior to the ICL low).
At the minimum I would estimate a test of 2280 SPX cash and a pullback into the 20day EMA (which was close to being tested in SPX, but was tested at the lows on Sunday, 12/4 in ESZ6/ESH7).
