It seems the "Primary wave " down count that Robert Prechter conjured up is officially a "dead" count even by all bears who are regular blog readers. Well not so fast.
This recent fractal of 2011 kind of proves that the P down count is alive and well. This "expanded flat" is even counted this way by Elliott bulls.
Incidentally I'd say that Prechter's sentiment rating is hovering somewhere around 3% at the moment. If Prechter was a stock index, he'd be considered extremely oversold with maximum negative sentiment. I'll take that side of the trade any day.
Primary count has the market finishing up a 5 wave move from the 28th of November low of 1158 SPX.
Fibonacci numbers also work well within 5 wave structures.
Whatever you think about the count, the Fibonacci works out well on differing time scales.
Here is a closer inspection of the proposed wave [v] of Minor C of (Y) up.
Be on the lookout for a w-x-y formation for wave (iv) with a triangle in the final position. Its a market favorite in a spot such as this. Key price level is shown. Naturally, wave (i) price high is also a critical wave marker.
Again the Fibonacci projections works well for now on multiple time scales.