Zooming in on the possibility of an imminent top...
Add to typical RSI and MACD degradation, wave iv of 5 versus wave ii of 5, (noted yesterday) we see continuation of the trend where peak volume has occurred at the end of third waves in related, 5-wave sequences since March '09 bottom ... extending even to the present unfolding of wave v of 5 of C of (B).
Likewise, volume continues its contraction during successive advances higher off March '09 bottom. This reads the higher she goes, the less they fear. And this disposition remains as ill-advised now as it has been for months.
Volume, too, supports the Elliott Wave count you see assigned to wave v of 5. That's why one more move to a new counter-trend rally high (on lighter volume than last week's peak) could unfold before the floor holding up this technically-indicted bull trap gives out. Right now, the near vicinity of $SPX 1080 is critical support were the above indicated Elliott wave count correctly portending a very important top within hours...
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