Short term we may bounce back to the lower bound of the rectangle. But I would expect us to pop out for a new marginal high before turning over. SPY formed the same pattern in the first two weeks of June before spiking up and out and then rolling over down.
Looks like the VIX wants its gap filled.
This VIX:VXN is signalling for the market to roll over soon.In conclusion, Up and out before the market rolls over is the greatest likelihood. Second is today was the really weak up and out and the market is ready to roll over.
Edit: I have not looked at this chart in a short while:
I am expecting the 30ma to cross the 50 going up, so more than likely new highs in the near futures, likely before end of year before the roll over for P3. Regardless there should be some pull back from the extended levels right now.
