Time For Market Decision

Today, we came down into the region we have been targeting for over a week now.  The question now is if the market wants to tell us a significant top is in place, or if we still have that 5th wave we have to ride higher.  And, the manner in which we came down into this region forced me to bring back the red count that I presented as a potential over the weekend.

As I have mentioned several times today, the 1647ES level is the key to me right now.  A break down below that can easily see us open tomorrow in the 1630’s in an extension of wave (3) of iii of 3 off the highs.   However, if it should hold and take out 1658 and then 1672, we are likely heading to a new high in the 5th wave. 

Avi Gilburt is founder of ElliottWaveTrader.net.