We did't quite reach the 1,214 target area yesterday, but the decline from 1,210.99 is clearly corrective (double zig-zag), which means we should see more upside pressure before a new price collapse will be seen. Looking at the VIX-Index it didn't make a new low beneath 15.23, which also supports my view of more upside pressure to come.Looking at the bigger picture, we are in a topping proces. Wave E in the Expanding Diagonal is done. We have seen a exhaustion sign as prices have broken above the resistance line. We have divergence on the RSI indicator and the MACD indicator is rolling over and showing divergence too.
An important top should soon be seen.
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