We mentioned yesterday that it was possible to count 5 waves up from 1.4438 and that “this suggests that a major top is close at hand. As always, 5 waves down from 1.5460 would signal that a top is in place.” The quick drop to 1.5282 was likely the end of a wave 4 correction though (we mentioned this in the Elliott Wave forum yesterday). New highs are expected in wave 5. Wave 5 would equal wave 1 at 1.5601; an objective.
