the Clarity of the 5 wave move into the 700 high is very easy to see was probabily a larger wave B, within our current larger 4 corrective environment.
Things that cant be ignored.
1. Lots of whipsaws on trend following systems. - Hints to the corrective like moves we are making. frustrating the bulls and the bears who are making outlandish calls of collapse or liftoff into orbit.
2. Deep oversold and Deep overbought readings on oscillators - Lack of conviction for either bulls or bears will shake out the weak hands and build a surplus of shorts that will be ran out on the last blowout high run to 720 780.
3. Long term trend was getting quite parabolic so it is very expected to have a "rest" or digestion of the move
Forecast : in the Near term (Next 3 weeks)
Neutral in the Mid term (range bound till the end of the year)