Building tops and bottoms gets messy regarding wave structure. We don’t expect to see textbook relationships down to subminuette degree if a primary wave top forms around here. However, non-confirmation was a reliable indicator around reversal points of higher degree in the past.
For the moment we’ll keep our base case bear count and let the market do its work. It will be altered once the main European indices hit new highs or the US stretches further to the upside on increasing momentum.
Not enough for a short trade yet. For that we need confirmation!