Is equity run over?

The E-mini S&P still has another high in it, says Dominick Mazza, founder of Tradingthecharts.com. He says that based on Elliott Wave principles, the market is in a “fourth wave flat” and buying time until earnings reports from Google, IBM and others are released. “Retail is going to come in and then we are going to see a new high,” Mazza says. That high, between 1445 and 1453 could come at the end of January or in the first week of February. But after that, it is all down hill with a low of 1360. “It’s a Fibonacci number that we are going to retest. If we go past 1360, we are done,” Mazza adds.

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