Prepared some very brief notes from over on the XJO thread -
Last week I mentioned that what would be perfect would be for our indices to run up to complete possible expanding triangles – particularly the XTL. Meanwhile the US has already done nearly exactly that with the SPX, NYA and Nasdaq 100 almost touching the upper boundaries of flat bottomed triangles. Will it stop around here – I have no idea but I have a reasonably important timing box around 9th + or – a couple of days.
But keep in mind the final week of May/first week of June. If we haven’t topped by then I will almost guarantee we will in that box and if we have topped – there will be an important low in that time period.
Huge bounce in copper. I rather like markets to roar out of bottoms like that. Doesn’t guarantee but certainly increases the probabilities of a very important bottom in copper.
Keep an eye on Shanghai. That market has been doing some interesting work for the past few weeks. Watching for confirmation on whether this is an important bottom for that index.
