The past 3 months of counting e-waves has been challenging. Correctly expecting the markets would get choppy at the top has not helped. I again have 2 equally valid wave counts.
I've been considering a giant Wave 4 flat which started from the February 2011 high as my primary count. This week began wave c. INDU target at least 12000. SPX target at least 1280.
This weekend it occurred to me Wave 4 from the February 2011 highs could have ended at the March 2011 lows. Since then Wave 5 is half way through wave 4. INDU downside target 12600. SPX downside target 1330, and possibly an ending diagonal.
Either way, expect selling or choppy trading for another week.
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