Slow Day As Market Grinds Higher

Today we saw the market grind higher, giving us a potentially completed micro pattern off of the January 13th low. We are still over even upper micro support, however, so we still do not have any sort of signal that even a local top is in place just yet. There is really not too much to add to the bigger picture count as again the market has not broken any support today and is still in the topping region for this five wave move up off of the January 13th low. 

This is fairly straightforward today as we are looking to finish up the five wave move up off of the 1/13 low. We are currently in the ideal target zone for the wave v of (c) b as laid out in white on the 5 minute chart. That target zone comes in at the 6017-6062 zone. Ideally we should be finding a local top in this region. With that said we still will need to break back under the 5952-5912 zone below to give us a signal of a top. 

Once that support level breaks then we will need to watch the structure of the next move down to give us initial confirmation that we are following either the green wave c down. If we only see a corrective move to start the next leg down then it would open the door for this to have bottomed in the yellow wave iv at that January 13th low, which would suggest we are going to see a direct push to new all time highs. 

So for now we simply need to wait for a pullback, see what the structure of that pullback looks like, which will then give us a better idea as to whether we are going to see a deeper pullback under the January 13th low or if this is ready to push directly to new all-time-highs.