We rallied yesterday a little more and almost hit the 61.8%, so we are close enough now for a top for this rally. It could still grind a little more into Friday since it's OPEX and we all know how the market loves to just chop during this week to make all the puts expire worthless. That could happen for sure, or we get a mild pullback today and back up on Friday for a lower high, which then sets up next week for a deeper move down.
When it comes it should be short lived as there's one more move up to make a double top or slightly higher high into the end of this month. Next week should be the period where the pullback happens and the last week of August should be the rally week for the double top. Then a large pullback should start that goes into October most likely. But we'll cross that road when we get there. For now I'm just looking for a pullback into next week.
Have a blessed day.
