With the new high on the RSI the current wave structure appears to be a make the case its likely the end to a 3rd wave of an impulse wave from 6954. So the preferred idea is to see a pullback for wave [v] as shown, followed by further upside to end an impulse wave (5 wave advance) from 6954.
It would need a big move under 7150 to be an issue for the current idea, but from what I can see, there appears to be a down-up sequence missing to develop a 9 swing advance from 6854 (9 swings suggests an extended wave, in this case its wave [iii], as that subdivides into 5 smaller waves).
A common target for a 3rd wave is a 2.618 extension of wave 1, in this case its now hit that area, so its at a band of resistance to suggest wave [iii] is close to ending and setting up for a pullback for wave [iv]. The bigger picture ideas are reserved for members, but based on the structure I still like to idea of a potential major top setting up, once this suspected impulse wave ends from 6954.
I actually thought the advance ended at the Jun 2018 highs, so this new high supports an alt idea we have been tracking.
Sign up here to get updates for the NQ as well as other US markets CLICK HERE
Further details can be found on the pricing page. CLICK HERE