Is the NYAD ever going to make my wave 5 high? Its reaching an interesting point on the channel. Something needs to give on this chart soon.]
The problem now is that its a little bit like watching a boiling pot of water. Keep watching and it never boils. And the entire investing community of traders and such are doing just that.
So there is a potential for a stealth triangle to develop. Below is an example from 2009 in which a weak triangle resulted in a nominal high and then quick correction down.
There is a potential in a low volume environment to do the same here. Correct at a high level in some kind of triangle pattern and then a nominal new high. 1256-1260 would still be a viable range.
Here is one such example of a triangle and then a break up to a nominal new high price which is all that is required. The whole pattern would be similar to that 2009 pattern I showed above.
Primary count is Minute [v] of Minor 5 is playing out. A close alternate is that Minute [iv] is playing out as a triangle of some kind.
This chart details both options. The expanding shape of the last day and a half is noteworthy and could be a trait of a high.