Market taking a breather

After the market broke to the upside thru resistance on Friday, its been taking a breather and just biding its time.  I cannot reiterate often enough that this market bears close watching.   A strong wave 5 move can easily take the DOW to 11,700.  A failure to make this move could result in a double top.  If you subscribe to the Elliott wave theory, then Wave 5 is still in its infancy and can easily go to 11,700 or higher.  But if the market does reach that point, I intend to start raising cash.  The dilemma here is that several leaders are showing topping signs yet other stocks are making sound bases.  Lot of stock bases are now 6 weeks or shorter which also indicates that we might be approaching a market top.  Yet over time I have learned that when its time, you need to watch the market closely and not hesitate to pull the trigger if it turns against you.  But moving out prematurely can lead to missing out on solid gains.  (Remember, wave 5 moves are fast and furious, netting significant gains in a very short time).