The market has now set up in both a breakout stance and a break-down stance, as crazy as that sounds. But, the region has narrowed, on the smaller degree.
However, if the market is able to take out 2175, it will likely run up to test the 2183-2192 region before it will make the decision of whether it wants to pullback in any further second wave.
As it stands right now, I am unable to tell you which direction the market will take in the short term, as the correction action in this region has clouded the smaller degree counts.
However, the set-up remains on the long side that we will likely be seeing the 2300+ region in the not-too-distant future. Again, the question is whether the market can finally break support and give us a corrective pullback.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.