![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhclrkCeWQv036f_nEPYIHh3ZC4yZOH1Ttcoe6Fp0NkYiWC8hlhzPDBErjSn5iL2NL2D5gAcdc2A0yfDCuYEI2603cju_-W1AqGrFvzAfFLxTXs5Nz4m52_nvVgIErDPDBl5BwgoTImbn3o/s320/count0111.png)
I eliminated the possible 5 waves up from the chart because of W4>W1 rule violation and in turn the pattern is starting to look like a triple top. The technicals are in place for a reversal and the MACD has turned negative. However, until the market closes below the 1269 level, we could see a rally that could bust resistance and the earnings season is usually a good excuse for the market to rally. In order to confirm a reversal, the ideal would be a W3 that would break 1269 convincingly. I think we'll get an answer by the next few sessions.
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