A new all-time high was posted by S&P 500 on Friday keeping the uptrend firmly in place.
I have being reviewing the possible counts over the weekend and think the above count does look as a good possibility. Since the low in 2009 at 666.79 we have seen a impulsive wave A to 1,219.80 and a triangle consolidation as wave B, which ended at 1,158.66 and wave C higher is currently in motion.
The why is this option a good possibility? Wave C would have been 1.382 * wave A at 1,922.92 and the high on Friday was 1,924.03. We also have a possible ending diagonal as the last part of wave 5 of C all pointing towards a top being in place soon. However, as always we need confirmation, that the top could be in place. The first strong indication of a top will be a break below 1,917.03, while a break below 1,909.82 will confirm the top for a decline towards 1,869.65 and below.
You should also take a look at the hourly chart I posted on Friday and see how much the two patterns look alike. They are clearly fractal.
As I said in Friday's post. Be prudent at work with tight stops here, because once this market tops, and do believe me it will top out soon, then the downside action could prove very strong.
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