Enough of a pattern has developed where I have some confidence providing a wave count for the SPX. Off the March '08 lows is a double zigzag.
Wave a, double zigzag from March 17 to April 7. 15 days and 129 points Wave b, zigzag from April 7 to April 15. 6 days and 63 points Wave c, final stages of a double zigzag from April 15 to present. 9 going on 10 days and close to 80 points.
Wave a and b have a fibonacci price ratio of about 50% and time ratio of about 40%.
The price fibonacci ratio of Wave a to Wave c is 8 to 13 and time ratio of 2 to 3 are both converging with the wave pattern.
All these ratios and wave patterns make for a very high probability of turn lower by at least 50 points.
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