While Initial Target Achieved, No Signs Of A Top YET

While the market has struck the ideal target on our ES chart, it has not provided any downside follow through from Friday’s strong reaction from the ideal target level.  So, without the typical reaction we see when a diagonal completes, it suggests that the diagonal has not indeed completed yet.

So, in the near term, the market can still grind higher into the resistance box on the 15-minute ES chart.   

But, please do realize that should the market break down below the wave 4 low on that chart in the 6680ES region, that is an initial signal that a near term top has been struck.   But, there is still a lot of action to be seen before it will suggest that a long-term top has indeed been struck.

With that being said, I really hope many of you are focusing on the bigger picture being presented on the 60-minute chart.  It suggest a major can be struck at any time now.  Again, we will need to follow the parameters I have outlined to determine if it is a major top, or if one more bigger rally will be seen into 2026.   But, for now, risk continues to rise in my humble opinion, and a reversal can be quite strong.

NOTE:  The Jewish religious holiday of Sukkot begins tonight.   And, during the first two days and last two days, we are religiously forbidden to work.  So, starting tonight until Wednesday night, Mike, Zac and I will be off again. Garrett and the team will be covering for us.  But, PLEASE be mindful of their time as we will be short staffed during those days.  Thank you for your understanding.