Could we see another leg up for wave 5 completion before the ABC correction? " Yes it's possible, the market cap could make it's local blow off top and get a re rejection off the 200 3day MA. The mechanicals are lining up for a "possible" move. We wait for the confirmation as there is non yet. The RSI would have to get above it's mid ranging uptrend line with a possible short term break above the top, and the Stochastics would have to make a strong move up. The first glimmer is the Stochastics and there is no confirmation yet. The Sentiment Oscillator is showing clear bear divergence but it doesn't mean that the final wave isn't possible.
So far this is a text book Elliot wave pattern. It even has a deep wave 2 correction which then usually means a shallower wave 4 correction into the blow off wave 5, and then the eventual A,B,C correction.
We wait and see... signals need to confirm.
Thanks WeAreSat0shi
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The support levels have so far held. The 1.06 trillion mark held and bounced of that fairly strong to the upper band of 1.09 trillion. Lets see how it plays with these levels over the next few weeks. This could be the A,B,C correction we have been waiting for. Lets see how it plays with these levels over the next few weeks. Personally I don't it will break any lower and expect a reversal soon.