It's similar to the Blue Count in that it has the impulse topping in September and we're now in Wave A of a correction, but the key difference is that the Blue Count is looking for 3-wave A to start a regular flat, while this Black Count is looking for 5-wave A to start a . Which would mean less rally in the upcoming B, and the C-wave going deeper... maybe a lot deeper.
If this scenario plays out, the (B) wave would retrace 38.2%-61.8% to the upside (blue box), and we can then expect the (C) wave to reach at least 1600-1800 region and possibly 1000-1200 if it extends. The deeper target would line up well with the "Similarity to 2007-2008" chart I posted recently.
Another key difference is that the Blue Count assumes this is Primary 4 and we can still look forward to P.5 rally after it's done. This Black Count might do the same -- but also has the potential to extend deep enough to signal that we've already topped in P.5 ending the Cycle, and we are now starting a new Cycle which could take several years to play out.
Shout-out to WhiteKnightMoving, whose chart led me to consider this possibility. While our targets are slightly different, the overall prognostication is the same.