With the clear break above the possible 16,744 target (see my post from May 13) we should focus on the next target cluster, which comes in from 17,065- 17,150.
At 17,064.82 wave c of the expanded flat will be 138.2% of the distance travelled from the top of wave a at 16,588.25 to low of wave b at 15,340.69.
At 17,149.81 wave D will be 138.2% the distance travelled From wave B at 14,198.10 to wave C at 6,470.11
If 17,149.81 is broken clearly we will have look even further north towards 17,359 as the next possible target, where wave c of the expanded flat correction will be 161.8% of the distance travelled from the top of wave a at 16,588.25 to the low of wave b at 15,340.69.
The first strong indication of a long term top being in place is a break below 16,588.25 and the top will be confirmed upon a break below 16,015.32. That means as long as support 16.588,25 holds firm we should look for a continuation higher towards the 17,065 - 17,150 area, before the next possible top.
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