Looks like we started trading within a channel on May 1st. We broke out of it today, and back tested it. On a larger view, not shown here, this is also the completion of a 3rd shoulder on a head and shoulders . We should be breaking down rapidly this week, heading towards 2754, hopefully breaking through and hitting 2550 range next week.
This also fits the idea that we are completing a 4 month credit contraction cycle with targets of 2450 within the next two weeks.
This also fits the idea that we are completing a 4 month credit contraction cycle with targets of 2450 within the next two weeks.