So much for that theory ... sort of

Move down from the 1157 high turned out to be a three and couldn't develop an impulse down. So what of my question from yesterday: Just a pause on the way to new highs?... I'm not so sure about that. Do we head up to 1170-ish like many are saying?

Again, I am not so sure about that.

First I don't buy the triangle theory. The move up today is a very clear impulse. It is already to the top of the range, so I highly doubt it will serve to be the A leg of D of a triangle. I don't buy that at all.

I think it is far more likely that this move is part of 5 up. The question is how high?

Consider the fact that Minuette 3 based on how I count it, is appox 4.24 times Minuette 1. This is a Fib extension ratio (see Randomly Useful: Fibonacci Ratio Table) and a highly extended one at that. So does the market make another strong run after that? I think the odds point to 'not likely' IMO.

All of my 'Top 10' observations are still in effect (well, more like 8 of them) so I still think we are near a top and don't have a lot more upside with this wave.