(Click at the picture to enlarge)Trying to pick the top has proven more tuff than usual. After breaking above the 38.2% Fibonacci retracement and wave iv of 3 high at 9,653.95 The next obvious target would be the 50% retracement target near 10,341.89. If the new correction target is 10,341.89 when can we expect it to be reached? Looking at the structrue since the wave [A] low to the low of B it took 88 days. Wave C often take and equal amount of days to finish, that would mean, that the A-B-C zig-zag correction since [A] would reach its high on November 11, where wave C would have used 88 days since the wave B low.
Eventhough the above is an absolut possibility we need to consider that a top might have been reached yesterday or will be today. Wave A took 68 days from bottom to the top and yesterday was the 68 day from the wave B bottom. An other clue could be, that the low of wave [A] was reached on Friday March 6. The top of wave A was on Thursday the 11 of June, but the closing high was on Friday the 12 of June. The low and closing low of wave B was on Friday the 10 of July, so could we see a small new high today Friday the 16 of October 69 days after the wave B low?
It might just be coincident, but it's a possibility we must consider. It would also fit nicely with the DJT and Nasdaq 100 making a double top formations and not confirm the new highs for DJI and the S&P 500.
It will be very exciting to see todays action so stay tuned!
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