Paramaters Are Set But No Signal Of A Top Just Yet
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Today, we saw the market continue to grind higher in what still counts as an Ending Diagonal off of the April 23rd low. From a wave count perspective, very little has changed from last week and until we can actually see a break of some key support/pivot levels below, we do not have any signal that the market has put in even a local top just yet.
The first key pivot level that I am watching below to give us an initial indication that we have put in a local top comes in at the 7388 level. From there, we still would need to see a break of the 7338 level below to take out the potential that we are simply seeing the green wave (iv) count play out, with final confirmation that we have topped in all of the Ending Diagonal off of the 4/23 low coming with a break of the 7300 level.
Until we are able to break those levels, the market can still continue to grind higher, with the upside target/resistance zone coming in at the 7468-7500 region overhead.
The market remains very stretched by all measures in this region, but until we actually see a break of some key support levels below, we still can continue to grind a bit higher before even a local top is found.
