Could we be going higher? Might we have topped? ... Maybe to both for the short term. And for the day traders and the swing traders (and I am in the former camp) these are important questions.
But medium term and long term, the landscape is about to dramatically change. Longer term swing traders and investors (and I belong to both these camps too) need to step back and look at the big picture.
And the big picture is, we are very near the top of P2. So all of the nickel and dime stuff is small potatoes in comparison to the larger wave that's coming. Trying to milk the last few points out of P2 from the long side is not really what I am interested in. Getting positioned for the start of P3 is.
If you are long, stay cautious. Because this is what I believe is coming up next:
