(Click on the pictures to enlarge)The upmove since the end of wave iv is very confrusing. I can count five waves up, but they overlap and the shape isn't close to looking like a wedge. Still as long as 75.70 isn't broken to the upside it could be some kind of wirde looking wedge. If this is the case odds favor that a top is in place with the test of 75.00. which would call for at least a move down to the bottom of wave iv at 58.32.
Any break above 75.70 would add confidence to the count that we have seen a series of one's and two's, that count would call for a move closer to 90.00, before topping.
It could also be that wave iv is still ongoing (an irregular), which would also call for a move down to or just below 58.32, before one last rally closer to 76.30.
Looking at the hourly chart we can se a clear five wave rally from 65.33 to 75, which should at least call for a three wave correction to at least 71.30 (currently being tested), but more likely closer to 69.00. A break below 65.33 would call for at least a move down to 58.32.
Take care and let form and time guide you.
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