Chart should be very self explanatory, however its very simple this seems to be a very corrective move, unlike the impulsive bull runs we have seen recently. There has also been a real lack of momentum on the bulls side as well with considerably weak volume.
This pattern looks as if it could meet the requirements of a double top, and if that was the case I think we would retest 450. I've been short from 620, 600, and 580. I will continue to trade in and out of the interior swings, and watch how the market reacts.
Looks like the 4hr candle is turning into a dojo star, and according to my EW count looks like the start of wave C of the correction. Since the first wave was a five wave up, wave 2 has to be at least a 50% retracement so my first target is 540ish.
Finishing up part 1 bull rally looking to short the correction. As long as we do not break 480 I will continue to be longterm bullish. Also looks like we are entering into another bull flag, which is good for us bulls.