3 wave corrective pattern

Market made a 3 wave corrective pattern into 1263.75 and powered up. Upside momentum in the charts. Looking for upside target to complete wave 5. Then bigger retracement down.

This is something that I always have to keep in mind -- after 5 waves up, look for bigger abc correction into the .618 fib level. The 120min and 60min charts were looking kind of toppy. When the move this morning made a 3 wave corrective pattern down into 1263.75, that was a clue that we were in a wave 4, and should be looking for the next upside target as a potential end of wave 5. After the higher high came in, we made a bigger corrective move down. We overbalanced and that confirmed that wave 5 was complete, and that we were in a new wave. The downside target now is the 1255 to 1256 area. Big PRZ there.

Also, I see currently 3 waves up into 1273.25 high off the 1231.00 low. Will be keeping an eye on this.