The S&P500 Index may have finally peaked and is reversing to the downside.
EWI in todays Short Term Update is indicating that the Elliott Wave structure from at least November 2012 is complete.
Furthur downside that breaks through uptrend lines would would increas the likehood of at least a near term correction in stock markets. And may also indicate the start of a much more serious market decline.
Other technical indicators I am watching are a reversal to the downside of the point and figure NYSE Bullish Percent Index and and a crossover of the 20 week SP500 EMA below the 40 Week SP500 EMA.
The following chart is from EWI Short Term Financial Forecast for Wednesday 03April2013.
Click to enlarge.
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