New All Time High Confirmed?

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The weekly plan should be read and the weekly video should be watched prior to reading this post. Weekly Plan

So far the bullish scenario has played out this week. The only early threat was the look above and fail of 5385 but the video specifically mentioned sellers would need to crack 5356 for it to be bearish. Yesterday’s afternoon low (after 5385 had been taken out) was 5356.25. Today opened on a large true gap up (above the prior day’s high). After some selling in the 2nd 30 minutes of the day (an inventory correction), sellers failed to find any traction below the low of day established in the first 5 minutes (5-minute opening range low). From there the market went into trend day mode and walked up the levels from the video with high of day at 61.25.

There is really only one bearish scenario from here. If we DO see a pullback from here, it need not be bearish. I would recommend re-watching the video to see what a bearish scenario would look like, vs a dip buy opportunity.

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