If it were to hold (top 2 hit the 1.272 perfectly) then we need to make new highs. I would expect it to be un-confirmed by internals, and obvious indicator divergences.
I feel this could well be likely soon, with some minor volatility and little chance to get back on board on a "safe dip." Everyone and their kid brother seems to be either expecting a retrace to 1280 or even lower before another top. Given that the market likes to confound the majority view, and how unpopular this analysis will be (precisely because it runs against internals), it seems more probable to me. It may even happen that internals manage to strengthen to a point that everyone gets on board again at the top.
Edited by sluzbenik1, 29 May 2012 - 09:56 AM.
