The NYMO cycle remains up.
After a negative close on Halloween, it has rallied a bit and fallen back negative again this morning.
To declare a cycle turn down, we want a close (preferably two) below the Halloween low.
Regardless, the new price highs are being made on a negative NYMO divergence.
From this perspective, bulls are looking a bit tired but still marching.
We are now up to 13 down price gaps.
This is a lot of area where limited or no volume has traded.
So, when a down draft comes if could cover a lot of terrain quickly.
You will see on the chart a box with the number 3121.29.
I am not an Elliott Waver, but if a third wave cannot be the shortest, then this move from the August low should not exceed that level.
We shall see.
I remain long runner positions.
I need to see the NYMO cycle or price turn before taking any action.