A quick update of what I've been watching all day. As you know I've been calling for upside potential to 1242-43 (see The Market Pulse for details ). The pattern appears to be unfolding in a w.4 combination, where w.y is a triangle. Patterns of this nature are continuation patterns. Therefore, I continue to look higher in this market.
Expect the remainder of the pattern to unfold as indicated. Each wave of the triangle is a three wave structure. Only a loss of 1217.5o would concern.
Let's see what happens.
Best of Trading
