(Click at the pictures to enlarge)Eventhough we can't say for sure, that a firm top has been set in all the major indices, all odds do favor that it's the case.
The Banking Index made a fifth failuer on October 23 The Dow Jones Transpotation did not confirm the top made in DJI and in the S&P 500.
The S&P 500 and all the other major indices didn't confirm the wave i overlap before the day after the DJI made its overlap.
The Junk bonds (Symbol = JNK) has broken below its wave 2-4 Elliott wave channel bottom, confirming that an important top was set on September 24.
The reason why I show the Banking Index and Junk bods is, that i would be expected that the will lead the move down, just as they did during the 2008 collapse.
What we now need to see is a break below 9.252 is the DJI and below 992 in the S&P 500 to confirm the top and that much lower levels will be seen during the the fourth quater of 2009 and the first three quaters of 2010.
Be prepared, playing the short side will be the right side to play from now on.
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