UPDATE (5pm) Possible squiggle count shows a Minute [iv] triangle forming. This would mean that the market does stay elevated for the next two days. We have clear markers for this pattern if it fails.
The top may be in today (or yesterday on the Wilshire and NASDAQ). We have a possible wave count that I posted earlier today
If we require more upside then the next best count is that some kind of Minute [iv] of C is playing out. Thats about the gist of things. However, being that this appears to be a "thrust" move out of an ascending triangle, I am not sure it has another wave up.
Also look at the e-minis. Triple negative divergence on the hourly on the MACD and on the verge of losing support. And I don't think it has corrected enough to "reset".
In my opinion, there is overwhelming, pent-up demand to sell that has been built up in the market to an extreme over the course of the past month or so.
Obviously the New Year is a good bet when that selling will begin in earnest however they may start a few days early. 2 days left until the New Year. This is an extremely dangerous market to be long.
I wouldn't doubt if it crashes very hard early next week.