Nothing like being two weeks (so far) early in calling a top to dent one's confidence, but as Chuck Prince said: "While the music is playing, you have to get up and dance - we are still dancing" - got to keep dancing!
Only thing is, I firmly believe that the music is about to stop, at least for a few weeks. On a number of metrics, including put/call ratios, VIX/VXV ratios, recent to older advancing/declining issues ratios - the market is as, if not more overbought than at a number of intermediate-term tops since at least 2000.
There are a couple of counts that I am following for major equity markets.
The only way in which they differ is where wave 4 ended and what I expect to be the final advance began. In either case, the most bullish projection that I can come up with extends to about 1200, and then comes off hard.
Both of the charts below are hourly S&P500.
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