The futures are up nicely this morning in what appears to be part of a 5th wave, which should end the rally up from the 12/26 low when finished. It's still looking good for a top this week with Wednesday the most likely day and Thursday the second most likely day. If the move up from the low on Friday was a small wave 1 up then yesterdays pullback was the wave 2 down and today we are in the wave 3 up. So another small pullback for a wave 4 down and then one more thrust higher for the wave 5 up should complete this "Minute Wave 5" (credit goes to Tony Caldaro for the labeling of it).
Targets on the upside are obviously the prior high to make a double top and a few points past it. So 2750's is still possible but I'm not so much focused on the point level as catching the exact day it tops... which again I think will be this Wednesday or Thursday. As always this is a best guess based on the facts I currently have and the market cooperating with me... mean I need to see these short day to day moves continue to unfold in readable wave patterns. SkyNet has a tendency to through you a curve ball when you least expect it, which it this case would be an early top and drop with not many bears catching it. But assuming "it" doesn't the expected top is 1-2 days away.
Not much more to add that hasn't already been covered several times in morning updates and extra updates through out the day in the chatroom. We are near an important top that is expected to drop back some Fibonacci level between the December 26th low and the coming high. Needless to say it's a big drop coming. Have a great day and best of luck to us all in catching the bear.
