The corrective wave labeled as 2 (black) is coming to an end this week. It is highly likely that the market will top out tomorrow or the day after. The corrective pattern, as noted before is that of a 3-5-5 correction (3 waves up, 5 waves down and 5 waves back up, forming minor waves a, b and c [orange], respectively). As a result the remaining pattern which has yet to unfold completely, is that of C (Orange), which requires one more set of five sub-minor waves for completion.
My target area in terms of price for the completion of this wave ranges is wide at the moment, and falls between $12,885 and $12985. Though this range is somewhat large, about a hundred points, the important takeaway point is that this will likely be a major market top. I am inclined to think that it will travel to the upper resistance point, since that is in Fibonacci relationship to the length of wave A (orange).
-W
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