Meta Update

We're still within the target box thus far. Price came about $5 from the 1.618 and began to move lower. We cannot yet determine if the top is in, but I believe it is close if it isn't yet.

If a top is not in, then I think we make a slight high to tag the 1.618 / 0.786 in the $670 area. If it is in, then we have begun our descent to the $420 - $318 area. I know that is a very big zone, however, we're very early in the pattern if we are in fact headed lower. Once we get more data I can refine this target. All I can go on at this point, though, is the fibs from the larger minor A-B waves.

Looking at MACD, you can see we made this high on bearish divergence. This doesn't bode well with continuation higher. Normally, you need a healthier pattern / technicals to support continued momentum higher.

In short, I believe we begin to move lower again in the near future if we haven't already. Minor C will take time though. So don't read this and think I am saying next week C will be done, because that isn't gonna happen. These things take time.