I see a lot of crash calls, market is here, the is over, and maybe all saying this are correct. I even find myself leaning towards the camp. Keeping an open mind to all possabilities the market could have been in a correction all year.Corrections can be sideways. Many only believe corrections have to be down in nature. This is not the case since overbought conditions can be corrected by going sideways as could be the case with year 2015. Only time and price will show me if this is so. With this EW count, P3 ended at September 2014 highs where P4 started with the October 2014 correction in an A wave, the rally up to may highs was a B wave, and the may highs to Sept 29 lows was the final C wave down. This would be a running flat 3 -3-5 just like P2 was a running flat at 525 days. Notes on chart.
Log chart of the SPX. I must be on crack for even thinking this. If P4 ended at September 29 lows, where P5 is similar in nature to P1 (P1 yr 2009 lows to yr 2010 highs). This could suggest price rips in a shock and awe rally that would catch most traders off guard. A deer in head lights, rip your eyeballs out kind of rally. This would suggest if price followed 2009 P1 rally on a log scale. Price could trade back up to all time highs or even 2167 by eod friday October 9th. EOY 2600 EOYR 2016 3400
I could be 100% wrong with my bullish views and will keep an open mind to the bear view if price can not break the september highs creating a HL. I will let price show me the way. If it continues to rally higher will go long. If price hits a brick wall and trends down will initiate shorts. As always, will use a stop to show me I am wrong and not a max pain loss stop.