That means the ICL is still ahead of us.  Also, there is almost a 100% chance we will eventually make a low below today’s low (currently $1849).  The 200 dma or 50 WMA are probably going to get hit now.  Best to wait for a weekly swing low now before taking a stab at going long.

Given today’s backdrop, I find it exceptionally difficult to see how the next IC takes us to anything but a marginally higher high, and even that to me seems a little optimistic.

The IC after that one will probably take us over $2100, but I think it will drop right back into the $1900s at its ICL which I expect in late summer/ early fall of 2021.

At this point I am not expecting us to leave the 1900s behind for good until late 2021.