No Evidence Of A Top – So Still Looking Higher

Thus far, the market seems to have been consolidating below the 1.236 extension.   And, nothing has really changed in my view from the weekend.

From a very micro perspective, we can count the rally off today’s pullback low as a 5-wave structure.  So, it means that as long as we hold over today’s low, we have a smaller degree structure in place that is pointing us to the next target box overhead.

But, the question still remains open as to whether we get one or two more higher highs, as outlined in the weekend update.  And, the fact that we may have a 5-wave rally off today’s low does argue a bit more towards the two more higher high scenario.  But, of course, we are going to take this one step at a time and see how the market reacts once it does reach its next blue box target.