NYSE Composite

Not all charts count so well in the US and I have been looking at the NYSE Composite for months as it developed a perfect ending pattern in May from where markets fell. The fall can be marked in a clear 5 waves where wave 2 is a running pattern. The the recent high was at 61.8% retracement. So on this chart with this level the counter trend bounce might be over. This high can be wave B/2 and a third wave lower of larger degree might evolve. Near term it is possible that some kind of pattern continues to form at the upper end of the range before the impulsive wave down shows up but the best part of the rally might be over here if this level holds.