Update 6PM: A comparison of the NY Composite Index to the NYSE advance/decline. 3 day divergence at the close of today. Thats bearish if not confirmed soon.
Trying to confirm wave (iii) and (iv) of [v] of Minor C.
The market popped higher today and barreled past the Wilshire5000 14,825 - 14,830 price target range. That was the price range where [v] = .618 x [i] within wave C and where (v) = .618 x (i) within wave [v] of C.
If [v] = [i] then the target for the Wilshire5000 is approximately 15,269. The equivalent for the SPX would be 1448 SPX if [v] = [i] within C. But 1448 is above the 1440 May 2008 intraday price peak on the SPX so that is a tall order for a fifth wave to achieve.
On the near term, we are trying to count 5 waves up since the 1340 SPX pivot low. Using the Wilshire5000 for form, we have several variations:
1st variation presents an interesting channel in the making. This supposes that wave (iii) peaked in price today. This would be the preferred count probably for now. This implies a hard backtest of the SPX 1400 support area is required for (iv). This even allows for a gap down tomorrow if need be.
Wilshire 5000. We can guess where wave (ii) of [v] of (c) probably is but figuring out where (iii) and (iv) of [v] is still a bit tricky. Once we can confirm where (iii) and (iv) are or will be, then finding (v) should be recognizable.