On Friday, regardless that it was a sleepy, summer day during a holiday week, the Russell 2000 quietly closed above its June 18th high. This equates to 1654.19 on the S&P, and I'm looking for that number sometime this week.
This possibility was posted back on June 24th, in this post (Superglue):
"Any hesitation to break down to 1536 could yield a massive reversal. Incredibly, the target could be 1650."
That target was derived simply by using Elliott Wave theory against itself, something that I find it highly useful for because it has such clear cut rules.
If rules really are meant to be broken, it's nice to know what the consequences could be.
1604.57 is the stop for this scenario, and I will add longs against that price. I have been adding to SPXU as the market has gone higher, and I will cease doing so for the time being. I have a smaller SSO position that I would like to add to now, but only if 1604.57 holds.
I'm out all day today, so will have to wait 'til Tuesday. Haha, remember them?