The E-mini S&P 500 Index Futures, could be potentially forming a diamond pattern on the 4-Hour chart, indicative of a coming decision from investors and traders on Wall Street.
If the pattern continues, which your author and trading friend suggests, new major support and resistances will be formed, and a strong market rally could occur or seem to begin, or rather continue, within 7 to 14 days.
If the diamond pattern fails to move price action into a continuance of bullish behaviour, alpha traders will be closely watching to sell out of up-trending swings.
If you've been in the rally and are currently positive watch for this diamond pattern on the 4-Hour and 1-Day Chart, as it will have a major effect/affect on the 1-Week Chart. Alpha Traders trading the weekly chart should take note of your moving averages.