I have been maintaining a very long-term count for S&P
and if my count is correct, currently we are in the 4th wave of a 5th of a 5th. However, I believe in terms of duration, it is too short a time to have ended the correction. This the current up move (labeled W-X-Y
) is actually a connecting "X" to a complex combination. What this means is that my bet will be on S&P
to fall below the recent low. The current high is also very near to the previous peak made.