I think we will find support for wave iv in the 466 - 463 range and then go back up to retest the wedge breakdown. That will be the wave v top and from there we should get a 61.8% retracement.
Note: it is possible the top is already in. Now is a good time to be properly hedged and you should be already in plenty of cash from taking gains the way up. This is not the ideal area to be taking any new index trades outside of short term scalp positions that you are well aware you could lose it all.
The minute waves are the HARDEST to count accurately, so you must be fluid and ready to change at a moments notice. What we did have was the signs of danger late last week that I circled on the weekend update (macd and rsi), so we have already know that a breakdown could easily occur and that top could be in.
Note2: I STILL FAVOR SLIGHTLY MORE UPSIDE, but we likely will see LARGE divergence on RSI on that upswing and the rip will be a short on the first sign of weakness IMO.
Note: it is possible the top is already in. Now is a good time to be properly hedged and you should be already in plenty of cash from taking gains the way up. This is not the ideal area to be taking any new index trades outside of short term scalp positions that you are well aware you could lose it all.
The minute waves are the HARDEST to count accurately, so you must be fluid and ready to change at a moments notice. What we did have was the signs of danger late last week that I circled on the weekend update (macd and rsi), so we have already know that a breakdown could easily occur and that top could be in.
Note2: I STILL FAVOR SLIGHTLY MORE UPSIDE, but we likely will see LARGE divergence on RSI on that upswing and the rip will be a short on the first sign of weakness IMO.