But form is another story.
Speaking of EWI, they have this as Intermediate (1) and (2) of P down. This simply does not make sense in terms of price projections and form. If Intermediate (3) down of Primary  down is about to begin, its going to be one hellava long wave in consideration of how short in price (1) of  was since their target is 1000 DOW or below for the bear market low.
So again, if I change my labels to Intermediate (1) down, it'll be (1) down of Primary [A] of cycle zigzag wave y. (1) of P simply does not make sense if your bear target is DOW 1000. After all, the first subwave (1) of P down should try to advance prices beyond P (666SPX)! Hence why I have been labeling my wave charts one degree lower than EWI. But in fact I think we may be both wrong here. I should be using Intermediate labels (1) and (2) and EWI should abandon the P thesis as the way they have it labeled. Its going to look retarded after a while and they will be forced to change things.
After all, if (3) of P down is beginning (according to EWI), then won't the biggest panic occur approximately where the same panic occurred in 2008? It doesn't make sense. How can that be? Again, I think they'll be forced to change things as they have labeled. Either they go down one degree in wave labels or they abandon the P thesis and adopt something different.
I have Japan is a double zigzag from its peak, so the use of double patterns is not without precedent:
[Update 4:55PM: CMG. Has a wedge thing going and we got the new high today which was required minimum.
Primary count is Minor 3 down of Intermediate (1) of P is in progress.
Last Friday, it was stated if the SPX breached 1256, or proposed wave (i) of [c] high price, we may be in a reversal. It was breached on the SPX and Wilshire5000. So the primary count is that Minor 2's price high occurred last Thursday at 1292 SPX. We'll go with that and see if the market can "best" it.
By any measure, Minor 2 has retraced more than a healthy amount. In fact the retrace can be considered extreme in both time (short) and price for a wave 2. So there really is no problem marking 1292 as Minor 2 in these extreme market times.