Author: Jeffry Turnmire

Asset managers and leveraged funds going net long means we’re likely closer to a top than to the start of the next leg higher.

If we can get a daily close above the high from Apr 26 (indicated by the red arrow) then we could see ATVI rally back up to the point from which it dropped around $86.

But if Boeing can clear all that then $225 is my upside target based on the Market Roadmap pattern.  And you want to wait for the entry because the pattern all breaks down if Boeing breaks below $190.

This area is fraught with danger, because a daily close below that 78.6% level around $68 can lead to a continuation and extension lower for oil down to a target around $59.

A pullback or extension that almost matches a prior move points to an echo. That means we can expect a similar following move.