This is not the end of the top. Nor is it the beginning of the top. But it is the beginning of the beginning of the top. We know that because on the hourly chart of the ES, S&P 500 futures, the hourly cycle indicators for the 5 day cycle are at peak levels where tops normally begin.
Ah, but there’s a little fly in the ointment. The 5 day cycle projection is 4340. Currently as of 5 AM in New York, they’re chewing through resistance at 4300-4310. If they clear that, a pop to 4340 would be an easy move. At that point they would run into multiple resistance lines 4340-50, which should end the move.
Assuming that they get through here.
Oh. One more thing.
If they clear 4350, the conventional measured move target would be 4550.
Fuggeddabout dat.
Thank you.
For the big picture.
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