I intentionally left off the higher level, longer term degree labeling to keep this chart very clear. At the very least, we have completed or are very near completion of a a five wave impulsive pattern from 2009. There will be at the very least a correction that ends within Target Area #1 (previous 4th wave is common retracement area). Based on the longer term degree, it is also very likely that we will correct to Target Area #2 range. I know, I know... difficult to believe... and that's getting a little ahead of ourselves. For the time being, the most important message is that we have a significant correction very likely dead ahead. Could we make another high? Sure... major tops are typically processes, so it is possible we could eek out a new high, but it will not change the message... only postpone it.
Be safe out there.
Be safe out there.