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Monday, August 6, 2012

6 August 2012 [Update 5:21PM]

Update 5:21 PM: Lets face it, the SPX is nearly back toward 1422 and has almost no room left to run if we are to call this Minor 2.   Yet the best count for Minor 2 (if thats what this is) would probably be this:

Note the close back under the upper wedge line.
And squiggle count using the Wilshire5000 (same count as the S&P)

There is no doubt that a wedge in the S&P500 and Wilshire5000 has formed. There is of course doubt whether or not the wedge is a bearish wedge that results in a price collapse which is a trait of bearish wedges (or ending diagonals if you prefer).
S&P 500 (and Wilshire for that matter) can also be labeled a rare triple zigzag at this stage in time (if of course Minor 2 is ending). This is probably the best labeling as the wave structure exists now. Of course if 1422 SPX is taken out, then Primary [2] is still the call.
And yet a 3rd way to label the advance of Minor 2.

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