Thought I would put this up here for everyone to gawk at... SPX looks the same pattern-wise...
after yesterday and based on globex overnight we could be in a pennant type consolidation...
note a-forks (white, peach) and ascending wedge TL's (green and red)... this advance has pretty much honored the boundies of the fork and ascending wedge... the lower near-term fork (peach) is right on top of the EMA40 as well.
the gray cubes represent the height of wave 3 and then copied to overlay wave 5 (if that's what it is). i'm not an EW expert by any means but from what i remember, wave 5 can't be bigger than wave 3... so the way i've got it measured is that this can't go past 1359ish to have a valid 5 wave count.
while there is clear divergence with many oscillators it's possible that their readings are being trumped by inflowing liquidity... nothing to base this on just a hunch.
in this chart i have a custom DPO oscillator and while it's showing negative divergence, it's still above the zero line. notice that the lower TL has been broken though, possibly indicating the beginning of a rollover... just sayin'.
I'll be watching this pennant and for a breakout... but meanwhile i just keep chipping away at the ES for a days pay until I see some confirmation to the contrary. these big swings the last couple daze have been pretty hairy... hate to say it but recent action sort of reminds me of volatility leading up to May 6th... hope i'm wrong.
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