Market is getting ahead of itself. Cycles and patterns repeat, and it's time we go re-touch that standard line on the Ichimoku. And at this peak, people might over-react and send the market tumbling further than it needs to. Neutral for now, leaning bearish but waiting for a confirmation on the shorter timeframes.
This is a key support level and we're getting way ahead of ourselves on the Ichimoku cloud's standard line.
Now I know markets are irrational, but even more irrationality than this needs a small kick upwards. Next move up might be a bulltrap though and will re-access in due time..
If we break under 554, watch out below!
NOTE: Irrational herd mentality is what drives markets. Therefore all it takes is some large orders or news to change the "mood" of the market and that can break ANY pattern that you may see. Especially if the move breaks through the Ichimoku cloud. Therefore even if one second a pattern might be true and it was heading...
Head and shoulder pattern appearing with the head being the last wave in a grand supercycle and the right shoulder being the last wave in a Primary cycle on the 30 min chart. VERY bullish. Angle is most likely a bit off though. I doubt it's going to be that fast.