Since last update, the rally has continued largely unabated. The rally has the hallmarks of an impulse wave, which likely either makes it a fifth wave headed to new highs (as discussed last update), or the c-wave of a complex flat.
SPX is 10 points off the all-time-highs, so risk levels are more clearly defined in this zone -- however, we have yet to see any decent-sized downward impulse waves:
INDU is a bit farther off from its highs:
Finally, the NYA chart presents a bigger picture view, in the event that this is a fifth wave headed to new highs:
In conclusion, there have been no downward impulse waves yet to suggest a top, but most indices are approaching resistance, so that could generate a reaction. Trade safe.
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