Once again she is stair stepping higher in what I believe to be minute [v]. We're just about half way there to that thrust target. Though the market may be tiring, if we reach that target, below is something we must keep in mind from from Elliott Wave Principle, 10th Ed., Pg 51 :
"In the stock market, when a triangle occurs in the fourth wave position, wave five is sometimes swift and travels approximately the distance of the widest part of the triangle. Elliott used the word "thrust" in referring to this swift, short motive wave following a triangle. The thrust is usually an impulse but can be an ending diagonal. In powerful markets, there is no thrust, but instead a prolonged fifth wave. So if a fifth wave following a triangle pushes past a normal thrust measurement, it is signaling a likely protracted wave."
It is possible that [v] completes at the mid channel line but so far the wave count does not support it. 1200 appears to be a psychological level and it will be interesting to see if the bulls can overcome it.
As the top chart shows, I am anticipating this run up to come to an end, but the questions becomes what top will this represent?
1. P2
2. A of (Z) of P2
3. [iii] of A of (Z) of P2
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