But with the clear higher highs (and ending diagonals) being sported today, a case could be made for the end of the Minute wave here. I am already short either way, so I am a bystander (albeit a very interested one).
The trick will be to see if the next wave down breaks the channel. And NOT on the SPX. It has not been the leader this rally. All eyes need to be on the Nasdaq, as I illuminated here: Breakdown?. If the Nasdaq breaks its channel to the downside, then I think the odds favor the rally being done.
[Addition 3:55]
Here is my crazy idea count to support the top being done today. I only moderately buy it. But something about how crazy it is just seems to strike a chord ......
[Addition 4:05]
Same chart of the ED on the Nasdaq:
