S&P 500 - Emini (Primary & Weekly Cycles)
The Aussie Market looks like it's in a classic bear market set-up for more weakness, US markets not so much.
As much as I'm extremely bearish in the overall trend within the Primary cycles for more weakness into 2021, along with the Fundamentals supporting my view, the 2nd Quarter could actually continue to support the trend and not follow the Break and Extend pattern into the MAY lows but move higher.
US markets are still above the monthly 50% levels and there's a convergence of the Weekly channels, which normally signifies a breakout, therefore it needs to close below the Weekly lows to gather pace @ 2697
What could happen is, if price moves down into those weekly lows, but moves back above the MAY 50% level (Yellow), US markets might actually move up towards the 2020 50% level at 3007.
Therefore, There are probably a lot of traders SHORTING US markets now, and as much as I agree with them, they could end up getting squeezed on the upside if that plays out.
We then look towards the 3rd Quarter onwards, with 3007 being a major resistance zone.
