Market Still Not Tipping It's Hand
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Today we saw the market trade inside a fairly tight range once again and thus not really tipping it's hand in regards to the direction it wants to travel in the very near term. So with that there really is not too much to add to today's update. Until we either break out over the previous high or below support we still continue to sit in no-mans-land in the near term.
Overall the market action remains very sloppy on the smaller timeframe charts so with that I am leaning towards this still seeing a push lower in at least a wave c of (2) towards the 5800-5768 zone before attempting to move higher. We will need to see a break under the 5820 level to give us initial confirmation that this is the path that the market intends to take however.
If we manage to hold over that level and then push back over the 5900 level, it is more likely that we still need another higher high before this sees any significant top.
Support below remains in the 5800-5788 zone and if we are indeed going to see a bottom in the green wave (2) then ideally we should hold that level. If that level breaks then it opens the door to seeing a break of the 5721 low and if that breaks the door then opens up to a large degree top already being in place. We still would however need to see a full five down off of the highs to further confirm this larger degree top per the yellow count.
