The reasons why I believe that a correction could be under way:
*Shooting star on the weekly
*Evening star on the daily
*Wave 3 has reached the 238.2% extension of wave 1
*Wave (v) has reached the 1.618% extension of wave ( iii )
*Bearish divergence on various time frames and indicators
*Fake break on 4H chart
*QQQ Powershares (which is highly correlated with SPX )
has started to make lower highs and lower lows.
*Other correlated markets (JPY pairs) are also showing
signs for more weakness.
*5 waves up from 1073 and on several other time frames.
Look below for more charts that visualizes some of those reasons.
MY PERSONAL VIEW
I won't sell this market against the because this
is still a bull market. If you look below at the longer term chart,
you will see that there is still more upside to come.
We will probably see >SPX2000 some time later this year.
In other words, I will look to be dips on the daily and weekly.
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