I think our market is going to have five waves for a top (if it overtake the last high at 5997). If so, how long is going to be wave five? We know in theory that it can’t be longer than wave three which is 730 points, so it shouldn’t go higher than 6478 (5748 + 730). Therefore, I looked at Fibs extensions and the main ones within this range are: 38.2% at 6077, 50% at 6178, 61.8% at 6279 and 78.6% at 6423. For next week the closest would be 38.2% at 6077. Looking at the weekly chart channel with the max at 6100, the range for a top next week would be 6077 to 6100.

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