3 uncovered gaps in last week. Its almost if the MM's know it ain't gonna stay up too much longer.
1069 broke to the high side signalling I think that the market is making an attempt in the here and now to post new highs. A rudimentary look at secondary indicators such as RSI and MACD show that this is no different than any other wave 5...its showing negative divergence. The momo is waning and total volume of the last 3-4 sessions was less than the red candle volume of the previous three. That says the underlying strength is suspect along with all the negative divergences going on.
Gold was upward some more as I still have a triangle breakout target of possibly $1085-1087/oz.
The dollar is now routinely in the news (as a negative) and even the public is aware that the dollar is being crushed. $74-75 is a solid support area.
So both Gold and the Dollar are getting a lot of airtime in the general media. And these are indicative of possible major tops (and bottoms). Like I said, I am just waiting for the perfect magazine cover or 60 minutes special on the doom of the dollar and why gold will go to $2000/oz or something.
The alternate is that we are in a huge Minor wave 4 triangle and today's (or tomorrow's) top will be a [b] wave peak and the market falls back and treads sideways for a bit before a breakout to 1100 area next week or so. But that is assuming any hard break down will hold once again which may be asking a lot.
But I do like my 5 minute count showing that this could be an "extended" 5th wave in the making.