We Could Get Blindsided

We are still sitting here now, as we have for days, waiting for the E-mini S&P 500 futures to break out in this potentially bullish pattern. But, several times now, the index has been turned away at resistance.

I currently have a 1-2, i-ii, (1)-(2) count set up to take the S&P higher, but the market must respect support at this time in order for that pattern to play out. Ideally, the market should manage not to decline below the 1463 level in a wave (2); the it should take out the highs for a nice gap up Thursday after the open. In order to take an index above the kind of heavy resistance we're currently seeing, a gap up is usually required....290 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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