We saw a big sellof in stocks yesterday. Not just in the U.S., but around the world. Could this finally be the top? The simpel answer is YES! We still need some confirmation. The first being a breal below the 1,308.77 - 1,311.96 area. The next seriouse indication being a break below 1,275.23 and the final confirmation will be a break below 1,255.25, which will make the decline the biggest since June 2010.As you can see on the chart I have labeled the rise from 1 to 5, which is normally used for impulsive counts, but there is nothing impulsive over this rise. It is most likely a series of zig-zag's (Triple zig-zag). So when the final zig-zag is done the is no more upside, as a triple zig-zag is the most we can get.
We are very closer to the two year anniversary from the March 6 - 2009 bottom, which also adds to the possibility of a possible top being in place or very close at hand.
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