Now that we have revised the previous updates we will dedicate a special attention to June 4th
The market is above the 1.382 -2430- of the 1-2 in red (link), the 8-EMA weekly is at 2438 and the 55 DEMA is at 2417. Holding above this area we can project 2505-2507 at a minimum; nothing new. But here comes the most important part of this update, I see good probabilities for the market to provide a pullback from 2490-2505 area, but it is likely that the market holds above the current area of consolidation 2460-2420, this would be a 2.4-3% pullback and if the market advances again, breaking above 2505 and 2552 we will have to deal with 2651 sooner rather than later.
For the blue i-ii we sent on June 4th, the market is still aiming for the 2.618 of this count at 2565.1 and would do well staying above 2444.3 to go for the 2565.1 level.(link).
I know all bears and bulls want a major event that takes the market 10% to the downside, but while the market holds above 2414, that is an irresponsible bet. That is our new level to watch for the bull case on the long term: 2414, new support.
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