In addition to the previously noted Daily projections (one of which has now been met), A Monthly upside projection
has now been generated from the breakout of the "Macro Megaphone" pattern depicted on the attached chart.
Daily Chart Projections:
Higher projection 1). 3910 - Met
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3695 now.
Monthly Chart Projection:
Higher Projection: 4909 - will negate on multiple consecutive Monthly closes below ~ 3660
A pullback to test the upper boundary of the 'Macro Megaphone' pattern should not be unexpected and would likely create
negative divergences on the Longer Term Monthly Momentum Measures with any ensuing new highs developing after the
pullback test.
has now been generated from the breakout of the "Macro Megaphone" pattern depicted on the attached chart.
Daily Chart Projections:
Higher projection 1). 3910 - Met
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3695 now.
Monthly Chart Projection:
Higher Projection: 4909 - will negate on multiple consecutive Monthly closes below ~ 3660
A pullback to test the upper boundary of the 'Macro Megaphone' pattern should not be unexpected and would likely create
negative divergences on the Longer Term Monthly Momentum Measures with any ensuing new highs developing after the
pullback test.