Today's constructive price action has brought the Minor 5 of Intermediate (C) up count to the forefront. The key is today's pivot low and the "virgin wave space". If this area is breached to the downside early next week, we may have an [e] wave triangle going on
http://2.bp.blogspot.com/-a3-6kM6D0is/TimK7R3QY5I/AAAAAAAAJjY/jaVJMx6_Nvs/s1600/SPX30.png or something worse.
The Nasdaq 100 has made, at the least, a 5 wave move at both Minor degree and Minute degree to a new 2011 high. This also supports the view of Minor 5. This diverges at the moment though with the Composite. It has not made new 2011 highs.
Squiggle count for Minor 5. I use the Wilshire for superior form but the SPX is virtually the same count. If this played out over next week, we would be looking at a potential doubletop in the 1365-1370 SPX area.
Above the supercycle channel line again
