Monday, September 27, 2010

At Or Near A Short Term Top

The Qs are in the process of completing a small degree five wave impulse from the 9/23 low that may be completing wave (v) of [c] of B up from the 8/27 low. While an impulse of this nature can continue to subdivide, it is not without significance that today's volume is the lowest since the August 9 top. Note the negative divergence MACD sell signal on the 30 minute chart. Whether or not we see higher prices this week, it is more probable than not that we are near at least a short term top, if not an intermediate term top.

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