Pattern Is Full But Market Remains Over Support

We saw the market open higher today thus giving us a potentially full pattern down to the most micro of levels. The afternoon session saw the market move down on what can be counted as a micro five wave move however we are still sitting over even the upper support zone. So with that, while we do have a potentially full pattern in place we still have a bit more work to do to give us initial confirmation that we have indeed put in a top. 

While I can make the case for five down off of the highs the move is still very micro and not the most reliable at this timeframe. So I will still would want to see a larger five-wave move followed by a break of support to give us initial confirmation of a top.  

I have moved the upper support up to the 5406-5365 zone and I would view a move under that zone as an early signal of a local top. From there I would still want to see a break under the 5340 level followed by a break under the 5233 level to further confirm a top in all of the wave b.  

So while the pattern remains full we still need the market to give us a bit more downside action to give us that initial confirmation that we have indeed topped. Until that occurs another push towards the 5512-5553 can not be fully ruled out.