Looking For A Minor Top To Be Struck
As I noted over the weekend, I still would like to see several 4th and 5th waves playing out over the coming weeks before this market sees its top in wave (3) off the February 2016 lows.
Currently, I still think we are working on wave (iii) of iii of 5 of (3). And, until we break below 2455SPX, I still think the market can strike the 2470SPX region for wave (iii).
But, it still leaves us needing at least one more (iv)(v) to play out before I will even consider that the market may have topped in wave (3). Again, my preference is still to see two more sets of 4th and 5th waves before we complete wave (3). But, as noted time and again, the closer we get to 2500SPX, the more risks rise that we will top in wave (3) and then begin a drop towards the 2300SPX region in wave (4).