A gap down Monday means that the top may be in. That would mean no 1500+ scenarios, no further blow-off, no top touch of the giant megaphone shape we have been building since 2000.
It could all be over.
The pop to 1474.5 on the QE3 announcement satisfied our requirement for a touch on the weekly and even the monthly upper Bollinger bands on the SPX. Since then, we've drawn some messy waves, but isn't that typical of the crossed signals we see at tops? They're not pretty, but they do have a legal E-W count.
The Three Peaks and a Domed House pattern I am tracking suggests that point 23 and the roof of the domed house may be in.
A rollover here could get things moving very quickly, giving us an epic market crash in Spring of 2013 -- SPX 400!
Good luck Monday!
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