Melting Up

The market has ignored the most obvious reversal points. Does that mean the waters are safe? For what warning signs should we be watching? We’ll take a look back at the patterns exhibited in the last few meltups.

The first is that backtests happen.  The tricky part is the timing.  ES is currently about 44 points above its 2.618 extension and has broken a short-term trend line of support.  As we discussed Friday in our argument to fade that particular ramp job, the path to 3076.93 is wide open.  But, is the timing right?  Is a backtest certain?

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