it wouldn't be out of the question to see it go straight up to that 940 to 950 level to the 'neckline'. But it's totally obvious that the market is losing steam. Right now because the chart is so clear as to the setup here and the cycles coming, everyone (in the biz) knows that most likely this will turn out to be a large inverse head and shoulders. So, because just now that's becoming the most likely outcome, large short positions are being cleared out which gets you that final spike higher when it appears there's no reason for it.
So, pay attention to how we trade right around here. It could be the end of the week or next before it starts moving up again. Op-ex this week could skew some of that. INTC reports tonight and that I think will have a neg effect on the market because it's been the semis that have led this entire thing. INTC I think pours cold water in the face of the hypesters and brings everyone back to reality of what's really going on.
If you look at the chart above, you'll see that there also exists the possibility that we fall now in what would be a declining inverse head and shoulders. That's a very real setup, too. If that were to happen, then for sure we're making new lows.
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