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
MoB (Make or Break) for my c"/y" & b'/x' is 1196.31 cash, when it breaks, the down-move should be confirmed!
I hang out at MortiES Premium during the trading day where I provide charts and analysis during the trading day. Mortie has a free thirty day trial going on. Give it a try by signing up: http://www.bostonwealth.net/subscribe-to-morties-premium/
