Cobra's Market View

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Double top or not, wait and see.

Opening gap play at 2x top. overnight inventory is positive, a pull back with a buy to new HH will be very bullish. lots of supports below.

Intraday: new swing high, it is bullish bias, bulls need to regain a trade above the RED line or this 2x top will stand into tomorrow. I am buying this dip.

Slow market, internals leaning bullish.

Not my count. But overnight action saying the intermediate top is not in just yet because we exceeded the 73% fib level. Issue is complex. Tech earnings are hitting this week. Analysts have set a low bar so the will exceed but the pros look at the actual number. Another big problem is the trade deal with Japan. Proves their economy is not good and their interest rates took off which will affect ours. Some would say buying at new all time highs is not a good plan given the macro head winds.Wondering if this week will signal the summer slow down in the market.

Moon

Wire services saying current spike due to Financial Times saying a deal with Euro Block is close.

Working hard on a headline fueled melt up.

ES daily.

Day 14 in the tight trading range at the top.

Poking its nose above water, thinking of making a breakout.

But it won't be easy. Lots of heavy lifting needed.

Forgot to mention it's a morning hourly filled black bar

ES hourly.

Chop on the 60 minute.

Ups and downs. Kinda ugly.

Melt up or Blow off top? that is the question, time frame of a trade maters. HH continue...... Buyers are getting this right once again.

ES 5 minutes.

Some playable moves for the daytraders and scalpers.

Strong move down at the open.

Strong move up half an hour ago.

Now pulling back a little.

Testing day high, don't think it'd be a double top here, it may pull back but likely it'd be bought.

6400 for /ES will be my time to shut down the computer. LOL

As of now the count looks good. First three waves of this five are within guidelines. Looking for the pullback followed by a high or close to it for completion. On paper to be followed by a significant pullback lasting weeks. Can't argue with the timing. Between tech earnings and the international situation there is plenty of fuel to move the market. Not about to front run this though, it is just a theory. Only price pays.