The turn looks real.

After Wednesday's performance in the markets, the top is almost certainly in. Selling pressure is heavy so BNI may not make it up to the 80's for a retracement, but MCD should make headway toward 73 as the indices do some upward bounces against the new downtrend.

MCD and BNI

My previous posts about topping indices have persistently been for short range tops. My apologies for not having noticed that trend in my chart reading. The current call for tops should be intermediate time frame, meaning that a new multi-month downtrend is starting. It may have already started, but not sure yet. I do not know whether there will be one more top or not, but if so it should be the last for a while.

On an individual basis, MCD is thrusting from a one year triangle, still making it's way to at least 73ish. BNI has a strong chart for a bounce to 80-83 but then enter a strong downtrend. It's around 77 now. You can click on the charts to see them bigger.

Not done.

Expecting the Industrials to go to a new high (see chart). Not sure about American Express. McDonalds is on track toward 75 as last posted.