The Day After the Storm

Big storms are always scary. But, it’s usually the day after when we get the chance to assess the damage and count the casualties. So, here we are.

I’ve been yacking about ES 2728 so often and for so long, I’m sure a few of you were starting to tune me out.

Yet, the logic of this target was too compelling to ignore, as we’ve shown on every daily chart for the past several months.

Take this one, for example, from Feb 14 [see: A New Day] when ES came within 9 points of its eventual high a few sessions later. The red channel, which had broken down once already, was trying to get to 3600.  If it failed, the white channel would then offer doubters a clear warning.

The final line of defense was the yellow 2.618 extension at 3076. If you ignored all those warning signs, then you probably had a pretty miserable day yesterday.I think we can safely put the ES 2728 argument to rest now.But, what about SPX 2703?

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