The On Balance Volume (OBV) indicator hasn't confirmed the last move higher at the same time prices are meeting strong resistance from the declining trend line back from late 2007.Wave C will be equal to wave A in the 1,154 - 1,158 area depending from where you measure the beginning of wave C. Only a break below 1,122 would confirm that the top is in place and the inverted Shoulder/Head/Shoulder bottom be destroyed.
As can be seen on the VIX below the Bollinger Band are beginning to get very close, which means that a big move is close at hand. I would still expect it to be to the downside, but as long as 1,122 isn't broken to the downside, the inverted shoulder/head/shoulder is in place calling for a move towards 1,245.86.
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