Today's update will be short and sweet, because it appears that the expanded flat we discussed last update is underway:
[Please note typo! "Textbook target" should read 2675-96, not 2575-96!)
The textbook expectations for this move are as shown in the prior update:
1. That the rally continue to at least 2675-96;
2. That the move then reverse and head below 2585 (traditionally below 2553, but that's not required).
Note that the rally could run higher, and/or that the subsequent low could come at much lower prices if it so chooses, so we have to track this in real-time to see whether this will develop as a "textbook" pattern, or as some variation thereof. Also worth a mention that there's an alternate, more bearish flat that could peak between 2662 and 2674.
Beyond that, nothing to add to the prior update. Trade safe.
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