The daily cycle is looking good..check the MACD (blue bar histogram) cycle...
sp, daily
Summary
We are putting in the third tower of this up cycle since the 1266 low. A triple up cycle is pretty much the most the bull maniacs could have hoped for. No way can I envisage a fourth wave higher next week.
I'm certainly open to the notion that I might short tomorrow at 1365/70.and we still briefly hit 1385/90...but I would not be concerned. The risk/reward at current levels is very good.
Clearly, the big money bears can short ALL they like, with good short-stops anywhere from a tight 1375, to loose 1390..or even 1423.
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So, I'm going to wait until tomorrow. One more little block on the MACD cycle...that should be enough to complete this wave.
More after the close