We are right at the upper trend line on the ascending triangle, right at position "D" and right at the 1.0 time goal projection on the Fibonacci Time Grid. I think my short term projections over the past week have been spot on.
The $64 million question is what is going to happen after the Fed meeting/press conference. I still believe that there are just too many bullish charts to expect price to roll-over.
The chart above draws in some targets for the move higher … the MOB target drawn via the eSignal software points a target right around the 61.8% triangle pattern projected target ($140.50ish). The 100% Triangle Pattern points to $144.00ish or about 7% from current prices.
The projected/optimum time target according to the MOB target is May13th, which I believe is the next option expiry date …. conspiracy theorists can begin their discussions!!
Note that the daily DMI has crossed over and has confirmed the new trend higher. Optimally we would get an "E" wave push lower tomorrow either in front of the Fed announcement or shortly after. The market may not want to wait for that however … if that is the case, that is a great indication as to the strength of this move.
Don't fight it … get long and enjoy the screaming chimps as shorties are forced to cover here on the bust higher. $135.05 – $135.15 should force the last of the shorts to cover and set-up an intermediate top in that 1st or 2nd week of May. That may be it for a top until late summer/early fall.
