Market Update - 9/22/2010

There is a good chance that the market has in fact topped, but I don't see too many impulse waves so I am not going to label a top yet.

My primary count is that we still have 1 more small high coming sometime this week, and then a possible reversal down.

As you can see, there is a possible extenstion for wave iii, which means this recent down move is just a wave iv, with v to stil lcome. For me, this count will remain until we break below 1115. The key pivots are 1145-1150 and 1115-1110.