ES Morning Update February 16th 2024

Ok, looks like the pullback is over and we are off to the races on the upside into the next major turn date of March 22nd, which should be the final top for this rally. Next Monday the market is closed for presidents day, so that entire week might have light volume, which favors the bulls of course.

I don’t know how high we go but when we top I don’t think there will be a single bear left. That will open the door for a crash, and that’s very possible if this plays out like I think it will. There is a Lunar Eclipse on March 24th/25th and Full Moon on the 25th, with a Solar Eclipse on April 8th… so everything will be setup for a crash if the market wants to do it.

I don’t know what the wave count will be but I’ll try to figure it out going into that date over this weekend. It really doesn’t matter as I’m sure that once the date arrives I’ll be able to look back and figure it out.

I’m quite confident about this next turn date being the final high now, whereas if we had started an 7-10% correction last Tuesday we could have pushed out the last high into August or September, but now that we just had a short lived tiny pullback that ended already it means we are going up into next month for sure, and will drop very hard afterward. If you are a bear it’s best to save your cash and wait for March 22nd to arrive.

Have a great weekend.