15 Jan 2013

We just keep on inching higher but we already know what the outcome is.  Was this the minimum high needed for a wave 2 or will this pop higher to surpass the Sept. 2012 high to give us 5th wave of a bigger degree ABC stretching back from our 09 low. 

Whatever the outcome is, our 60min SPX stoch. has pointed up for more upside move while our Daily stoch. has stayed overbought.  So we should still stay long.  But at this point we need to keep in mind that a turn might be near and we should start minimizing our risk once we see a weakness in the 60min timeframe.