I even can't see any divergence in 5min/1hr. I would say, we should close
the GAP in cash at the 1211 level, and sell-off into the 1155 level , my analysis
gives me the 14th of May, where we will see the bottom @ target level. The
top at 1211 should be by tomorrow, if we stay higher than 1195.66 in cash.
In /ES this level is 1193.25. Still 2 weeks to go for the bottom target as
shown below. An astute reader commented that there is a potential Gartly Butterfly
pattern developing on the 60 minute SPX that is looking for the same result.
Up to about 1214 and then kaboom to the downside
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