It is very possible that wave iii of this final (??) move here is in, despite the /ES futures being up 4.5 pts in the overnight session. The 3rd wave looked balanced and arguably complete, so I did not want to gamble on the overnight session with the calls.
What Doomie made me consider is the possibility that this runs all the way to next week's FOMC and the POMO schedule that will be announced after RTH next Wednesday, giving us a 7/31 top.
If we get a 4th wave here, for a couple of days, and a final rally into FOMC, then we can end up in the neighborhood of 1730. But first we need to burn off the /ES green overnight. Maybe Los Angeles can default tonight -- that should be worth 6 or 7 handles.
Here's the proposed alt count. Wave 3 actually extends when you compare it to the 5th wave, not the 1st.
A 7/31 top actually has some really neat aspects to it, when you apply the 2008 crash tape and timeline from there. I'll explain it all if we ever get our top and a fresh new bear market to enjoy.
Hey, just to make it clear where I stand, I updated the tagline of this blog. Deflation really is the cure for all that ails us.