The ES-F reached a new recovery high today that effectly removed any bearish bias. It is confirmed the DOW's leadership... a negative sign for the bears. If you are watching price action you know that this market is struggling to stay afloat.
The new high means that our next expansion that may be the termination point of w.5 is where w.5 = .618 (w.1-3) at 1306.25. I've also made a slight relabeling of the subdivisions of the most recent advance from w.4 for your review.
Developing patience to wait and wait some more for the market to make it abundantly clear when it is time to climb aboard is paramount. Don't jump the gun. While we attempt to label the appropriate substructure as an exercise,... trying to call a top often takes several attempts and is costly to your account and mental attitude. Market manipulators routinely run stops before moving the market the other way. Simply put, IMO, a trader should never trade the the terminus of w.5. Let the market commit to you before you commit your hard earned money to it.
Tomorrow is another day. Until I see a completed five waves down, a tradeable top is not in place.
Best of Trading
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