At the risk of being a permabear, I believe we are at the top, +/- a small range for error. The shortest major cycle is the classic 3month, which has been stretched in recent past by 10%. This 72day cycle, with 2x36 and 4x18 within, generates an objective of 259.75 with a 10% error range of 100pts. Longer cycles gave targets of 252, 255 and now 260 as shorter cycles are used.
I have written about the method here previously, and just posted a long description on another board which I encourage you to search for and read.
Each trader has his favorite short term timing tools for triggering orders. I encourage you to play the short side with tight stops, until this thing breaks and stays broken.
Oddlot
Stay on the right side of the cycle!
