Still looking for 1283 in late Jam or early Feb as the target. Not discounting even more upside. It appears we're in some sort of topping process as what I see as a wedge overthrow (indicating a top) is in process. That said and with patterns since mid '09 of these wedges "reforming" and extending. This may only be the C touch and not the E touch marking the top. If an overthrow E, these processes can take some time. the one in April took almost a month (which is what I think is happening here).
I hope we top in the next red box for good, but QE and the Fed will have something to say about that.We're darn close to it now. The difference between this top and the one in April - simple - the Fed quit pulling liquidity then, not so this time. I'm screaming the debt ceiling discussions will be the biggest deal of all and QEIII discussions will be vital as well. Market does not fall till liquidity is pulled and then it all ends - quickly.
