Whatever high we get today is likely "the high" before the big decline starts that last to 2+ weeks and targets a pierce of the 692 FP on the SPY. If we don't see a new all time high then the wave count will change from what I posted last week, but the result is still the same... a nasty big and quick drop. If no new high the the entire rally up from the June 26th low is just a B wave, and the C wave down is coming next week. I'm keeping this update short as it pretty similar to last weeks update... with the wave count just being adjusted. Timing wise everything is the same... the market should top this week (today) and start down hard next week.
However, there is a risk of a sneaky move where they keep it as a lower high today and gap up on Monday to run the stops overhead. But even it they do it's NOT a breakout. It will reverse back down and decline hard. It's not possible to know the plan here on whether or not that stop run happens or not. My lean is that they just rollover Monday and start the big decline, but my lean is nothing more then a hunch... and I could be wrong. Either way though there is a nasty drop coming into mid-late July. I think it is over with going into the week of OPEX, but late July could see a retest of the low, which should be a higher low.
Have a great weekend.
