Alternative Reality

[gdl]

A dramatic moment: This day needs to close above 4130. It hit it and bounced back so far. An overlap AT CLOSE is critical to end this whole 5 wave structure IMO. This is JUST MY opinion. not an rule by Elliot Wave.

I would feel a lot comfortable this is the real thing, a counter rally if we close at or above todays highs.

I find it interesting that 6/6 fit with a reversal date seen a month ago.
The week of 5/31 thru 6/3 has BIG economic data points from housing to employment and direct implication on INFLATION!

Will this rally hold up next week? Is it a watershed event and dramatic reversal back down? I can say with certainty that next weeks likely bad economic data reinforcing inflation is here to stay will result in ONLY 2 scenarios. A FLAT week or the start of a deep drop again. A FLAT week can indicate a rolling over OR absorbing the bad news in stride and setting up for more advancements in the next few weeks.