43 days ST Top is in

XLF bounced again just at the bottom of the channel. Until bears can break down this ST channel, this isn't going to accelerate to the downside. That is what they should test next days. Still a double Top at 13 is in play. So beware.

"It's now more than a month since I was calling for this pattern medium term. I feel we are getting pretty close to a turning point ST. The lower the Vix goes, the stronger will be the revearsal.43 days from 6th March get us to 7th May. That's exactly the lenght we had on the last big drop (Jan-March 09'). The simetry is quite impressive. If this plays out as I think, when this leg finishes, we would see a sharp retracement (150 points at least) to get the right shoulder, maybe 200 to get SPX to 750's again.Although we could extend this rally some points, we "must" see a very sharp and quick drop from these levels (940-960) for this pattern to play out MT."

Last week I wrote this. And it seems 930 marked a double Top. We'll see how we get the right shoulder (-10/-15% decline).