Are We There Yet? The Top That Is

First post of 2010

It has been a while but I really haven"t had any real compelling reason to trade this topping action.

But now we are beginning to see Mr. Market show his hand with a very convincing down week.

we have a perfect 5 wave structure along with a price rejection at the 2008 63% and 2007 50% key fib levels . In addition a break of the upward March an July 2009 trend lines.

The market sold off this week and is now resting on the Dec 2009 low as well as a 50% retracement of the Nov 2009 low.

Monday I expect a bounce after an opening gap down back up to the 1120 level before a resumption of another down week.

If this the Top , we would expect to see lower highs and lower lows in the
days and weeks ahead.

on the 60 and 15 min chart I have outlined how I think the week will play out...