Kate,
This may or may not be
the top and 1314 is a good number. The 1317.50 is simply a greater
confluence of resistance: 162% of the 8/10 low, 162% of 8/23 low, 200% of 8/29
low, 62% expansion from the 8/10 low (a fairly deep 50% retracement), and
the trendline across the highs.
When shorting against
a rising market I simply like to see it really extended. I may miss the entry
however my risk is lower. Of course one has to balance the risk of loss
with the risk of not making the entry.
Earl
