Pretty strong up day on Friday. What looked like a slow uneventful grind earlier in the week sure livened up. That old saying "never short a quiet market" was right on in this case.
The Minor W3 top that seemed apparent a week ago looks to be negated. There haven't been any sell offs of more than a day or two since the lows of Dec 19, and the ones that have occurred have been pretty shallow, so the most likely case is that Minor W3 is continuing to extend. Best guess right now is that the ES is in Minute W5 of Minor W3, so a top should be fairly close at hand. But caution is warranted, this thing could just keep chuggin'.
