1,600 target met

As we have been advocating for a while, the market did in fact meet our $1,600 target today (1,598), and then started to move higher.

What we have experienced so far is:

- wave "a" :  May 22 - May 24

- wave "b" : May 25 - May 28

- wave "c" :  wave-1   => 1,674 - 1,640

                     wave-2   => 1,640 - 1,661

                     wave-3   => 1,661 - 1,598

                     wave-4   => 1,598 - current

As of 13:00 today, we are in wave-4 of "c". This is a consolidation wave (with an upwards bias), whereby those shorting will close their positions (as the market reverses) and some others will initiate long positions (thinking that they are buying the dip of a new trend). This will go on for 1-4 trading days and may reach 1,640 or a bit higher.

After the market completes wave-4 of "c", it will likely turn down again, with a target of 1,560 or a bit lower.