In my last post, I noted that I was concerned that there would be a big rally without a retrace before the regular market hours actually open.
That’s what happened.
Basically after the truncated 5th wave, we had a non-stop rally without any significant retrace.
From the 1860 close, Sunday night gapped up at 1865 and went pretty much straight up to 1890 — a 30 point rally on over a 3 day weekend above the wave 4 high on February 10 — basically breaking all prior resistances of 1835 and 1865 on the first shot.
what happens next really depends on how far it retraces Monday night into Tuesday morning. If it doesn’t retrace at all, we could be going to 1950.
Possible retrace areas of interest – 1874, 1865, 1850.