The S+P 500 is not much different and IFF the futures continue as bullish as they are at the time of this writing then it will likely form a normal 3 wave zigzag correction. In that case it should gap up tomorrow and then likely finish near the high of the day. This does not have to happen and in fact before I saw the future I would have bet against it. Still futures can spike overnight and then still be down by the time AM trading begins so 5 of 2 might already be done.
In any case, after either of the above finishes to 2 of 5 have completed I model that 3 of 3 of 5 will unfold and the panic will spike up massively.
By the time wave 1 down has completed it should have longs frazzled wondering who is manipulating all of this, why they are being treated so unfairly, threatening lawsuits that will never happen and the like. In other words, most people think these bubble prices are normal and they feel entitled like the market owes them a living. They feel like they are due more out of the markets than they put in even though they didn't add any work. They feel this way even though math, logic and history tell them this is not correct and never has been. Wave 3 of 5 should bring some nice shock and awe to the game.
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