If the market starts another leg higher from here, it wouldn't completely surprise me. I see about 2 or 3 ways you could say we already completed an ABC.

I try to keep my drawings in place as long as possible so I can refer back and learn from my mistakes, and wins.  It's been chaotic ever since the recent break out of the top of the channel started in October . Seems like market can't make up it's mind whether to respect the channel or create a new, steeper one.  I don't like to redraw channels, unless they are clearly wrong to start with (happens a lot at the beginning of a trend, but gets less common towards the end).  With a very extended channel, a break in the direction of the trend (increased slope) represents extreme behavior....at least that's how I see it.  Have to respect the trend until it changes, or else, but I also don't want to start new large positions here hoping for a long run.