This is the top. Alot of people are thinking this is a 5 wave impulse so will be looking for another high around 300 and a 5th wave. This is a B wave and it is a WXYXZ pattern. W was a flat, Y was a double zigzag, and Z was a zigzag. Both X's were expanded flats. The first wave down should get us to the 200 day MA, then bounce from there. We are following a similar playbook to the 2011 correction. I will be looking to short around Friday's high where I think wave 2 of this first move down will complete. The current move down looks like it is forming a leading diagonal, so expect choppiness. My stop loss is at ATH.
