The question at hand is how much upside potential is left for the current run.
On the bullish side, squiggle count can accommodate a small-degree [iv]-down and [v]-up if one counts the wave 4 low ending with a triangle (Chart 2).
On the bearish side, wave 5 could be approaching its end if one counts the wave 4 low at the nominal low (Chart 2). We have discussed these counts in recent updates.
Also on the bearish side, the wave structure in the DOW now presents a potential bearish EDT since the June low(Chart 3). If so, INDU should be capped by 13786, and realistically by 13600/13650. So caution is required.
[1255pm] SPX update -
[8am] ES update -
Near term ES structure - The most bullish one being the green wave [ii] with an terminal triangle wave (c). The most bearish one being an expanded flat (potentially at several degrees, e.g. black (c)[ii]-down or red [c]4-down, etc).
