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I got to do some review in order to bring us up-to-date.
Feb. 11th--It dipped at predicted level, and then the strong predicted upmove ensued afterward that took us to the peak on Feb. 17th. Afterward, the consolidative move taking us east happened, which was also predicted, and takes us to the current point.
My original view was the market would peak at the daily tenken which was at 5687. Since then, the tenken has dipped and is now acting as support. 5687 is still my projection. We will probably continue going sideways for awhile longer, but the nice thing is that we have seemingly gotten clearance from the 4-hour cloud.
Right now, the daily is in uncharted waters as it is nearing the bottom of the cloud. That should eventually be broken as we had to the projection of 5687. As we look into the future, the top of the daily cloud is also 5687.
We need to dispel a fallacy, and this is part of the reason I posted the 4-hour. You could draw a line straight across the top and say that is R, and so we are headed back DOWN. You could draw a TL and say we are making higher lows, and so we are going UP. The point is S&R's are made to eventually be broken. This is why all TF's have to be evaluated in order to ascertain a proper trading decision. The weekly's stochastics has a wide open mouth, and is camped on top of a bullish cloud. That is the overriding TF right now, with the exception of the daily that will be meeting with R at the bottom of the cloud.
So, just because we have the essence of a triple top being formed, that does not make it impenetrable, just like the TL below is not impenetrable. The evidence points to the fact the triple top eventually gets taken out.
After having said all that, I'm hoping 5473 holds up, because things will start looking sticky again, as the candle will be back inside the cloud. Also, the WR2 at 5552 still has not been hit, so we have that to look forward to. What could happen on Thursday is that the WR2 gets hit, and then we get a correction of it, and then continue back in the UP. OTOH, markets are a lot more fun when they travel north or south, as opposed to east.