The index hit a key target today @ 4773 described in the last post and declined for the rest of the day, but I suspect there is still further upside to go as the decline does not appear to be a 5 wave move right now.
In support of the wave 2 topping, two triangles are evident on the short term count and indicate an upcoming trend change. The first triangle is an expanding triangle for wave 'iv' and the second is a smaller triangle wave '4' circle, both are indicating a upcoming change in trend of a higher degree. Thus, it is anticipated that wave '2' will come to an end in as little as a few trading days or into the early part of next week.
Breaks of the short term wave 2-4 circle trend line and the slightly longer term wave ii-iv trend line will be key indicators that will signal a potential major change in trend.
Possible target area:
- at 4816, wave '5' circle will be equal to wave '1' circle.