For reasons recently stated (see posting of 8/8/13 for example) the daily chart is now bearish. If there is any fuel left in the bullish tank it doesn’t look like a lot. However, it may be enough to produce one more high. That scenario would occur if we have not yet completed the trending impulse pattern from the June 24th low.
Such a scenario would imply a fourth wave contracting triangle as depicted in the attached chart. If correct it means that one last and most likely short, fifth wave up is required. A price projection for such a fifth wave is calculated and is of some interest. We get targets of 1706-08 (challenging the last high); 1718-20 (associated with the risk, or stop loss, level on the TD Combo signal of 1718.66); and 1738-43 (aligned with the next TD Trend Factor target which is shown in purple on the chart).
Keep in mind that any such thrust up would probably complete the TD Sequential countdown which has been stuck on bar #11 since August 2.
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