If sub-wave 5's magnitude is about the same as that of sub-wave 1, after the completion of the current mini wave iv, the next up leg will complete the mini wave v of sub-wave 5 of wave (iii) of major wave B. So, another small up might mark the end of the 24-month run since March 2009. We have reached another possible terminal location for B.
To identify a market top is very very difficult due to the 'madness' of the investment community that is basically bullish in nature and at the same time the possibility of having wave failure caused by panic selling.
2,800 level is a crucial level for Nasdaq. Once this level gives way, probability is great that B has ended and mini wave v is missing. S&P, Dow and Nasdaq will drop together.
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