The advance from the May 2017 lows looks like it could be close to ending an impulse wave (5 wave advance). So if you are long this market it could be a wise decision to top slice and consider locking in profits. If the move is ending an impulse wave as I am showing, then a pullback in 3 waves to correct the advance is favored soon and correct the recent rally from 119.90. Any pullback for wave [b] is a buying opportunity, so look to buy into weakness.

Unless a move under 119.90 stay bearish and use the weakness to position yourselves for a rally towards 130.00.

Before

After

The rally and look on ZB and TLT is also a decent clue for markets like Gold and Silver, so you may want to consider watch TLT/ZB if you are metals trader.

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This stock has been a tear recently, but I favor its close to end what Elliotticans call a “3rd of 3rd ” wave. A breather is expected shortly, although any weakness should prove corrective and continue higher. Baring a major move below 135.00 a few more gyrations are expected before a completed impulse wave.

At the top of wave [5], dont outstay your welcome if you are long this stock, a significant reversal can be seen.

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The advance like many INDU components is potentially showing a 5 wave move for an impulse wave. Whereas many stocks and the INDU start their respective wave [5] at the Feb 2016 lows, with this stock it counts best that wave [5] starts from the Aug 2016 lows.

Very short term it would look better if a little more weakness towards 60.00 – 58.40 to end wave 4 of [5], then we want to see new highs for wave 5 of [5]. Whilst there is a way to suggest a high could be in place for the end to wave [5], unless I see a break under 55.34 I favor a bit more upside after a small dip towards 60.00 – 58.00. Once we can count 5 waves in place from the 2009 lows, its then I am expecting a significant correction to correct the bull cycle from the 2009 highs.

Alt idea (not favored atm).

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The decline from the April high has been relentless, to say the least, I am impressed, although seeing such a strong move from a peak that had record longs makes sense, as we are seeing traders flee from this market due to the confirmation of a double top a week or so ago. With traders now running into US stocks, poor Silver has really taken the brunt of it when you compare the decline to Gold, even Copper has survived better than Silver.

Looking at the decline I can make a solid case that its close to ending an impulse wave, with the RSI now starting to show some divergence I think a little lower would offer a potentially bullish setup. This move from the April highs could be the end to an expanded flat, although before we even think about a move back above 17.60, let’s find a low on this market to suggest a move higher.

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The recent weakness from the April 2017 high I think suggests a large 4th wave correction is underway. The move into the all time highs counts well enough as the end to wave 3 of an impulse wave, a correction in 3 waves for wave 4 is now favored to around 150.00 – 140.00 (I will be able to hone it down after I see more price action). I am looking for a pullback to be of similar size in time and price to the wave 2 pullback.

If you overlay this stock with the SPX you should see a tight correlation,  seeing as I am expecting a decent pullback on the SPX soon, it should favor further downside on this stock.

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