A strong case can be made that the $SPX top is in
With today’s decline, a strong case can be made that the $.SPX(.SPX)$ top is in.
However, a cross of the [W2]/[W4] trendline, currently at 5730, is needed to confirm this with maximum confidence.
Given the failure to make the fractal high to complete the wave structure, there’s concern that the [W5] rally may still be progressing.
I’m open to the possibility of one final high if we remain above the [W2]/[W4] trendline, with potential support at 5867-5800.
That said, a failure to quickly recover would increase the likelihood that today’s decline isn’t corrective.
While I lean towards $iShares Russell 2000 ETF(IWM)$ and $.DJI(.DJI)$ topping, I’m not certain about SPX and $NASDAQ 100(NDX)$ — just not certain if SPX and NDX has as they may create a bearish divergence.
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