Top 10 Reasons Why Yesterday’s High May Have Marked an Important Top:

1. It fell less than two points from a clear midpoint pivot on the long-term chart.

Reasons 2 through 10:  See reason #1.  The actual pivot referenced above lies at 11156.37, versus an actual high yesterday of 11154.55. This is surely close enough to merit our rapt attention, even if it means we won’t get to short the exact high.  And of course, if further evidence corroborates the significance of this midpoint, we must also be willing to accept that a decisive move above it would portend more upside to as high as 12477, the midpoint’s ‘D’ sibling.  I did not spot this development right away because the C-D leg thus far doesn’t look like it’s even close to equaling half of the A-B leg.  An optical illusion, it would seem.  (Note:  The 11156 target was first broached here  a month ago in a Diamonds trading recommendation that was later canceled.)