For a long time I have been maintaining the following “Big picture road map”:
From the 2000 top price is tracing a corrective pattern named Double Zig Zag
DZZ= (ABC = W; X; ABC = Y)
In my opinion the wave (W) was established at the November 2008 low. Since then, the wave (X) that by definition is a corrective countertrend move has been in force.
The wave (X) is also unfolding a Double Zig Zag
Therefore, if the DZZ count is correct, from the October 2011 low price is tracing the last Zig Zag up that once is completed will establish the top of the wave (X). This will be a Major Top since the next price sequence will be the wave (Y) which will be heading back towards the March 2009 lows.
For the shorter time frame, given the unquestionable corrective price structure of the move off the June lows, and a feeble behavior of breadth indicators I have been considering that price was involved in shaping a corrective pattern from the April top which once completed it would have allowed the kick off of the last wave (C) up with a potential retest of the 2007 highs.
In other words I was not conceiving that price could have resumed the intermediate up trend at the June lows, instead I was expecting one of the following corrective EWP: Flat / Expanded Flat or a Triangle.
The 3 corrective options are still possible, but it looks obvious that Central Banks are fully committed to maintain the equity market rallying.
Therefore the wave (X) instead of a Double Zig Zag, it could be unfolding a Triple Zig Zag in which case from the June lows price has began to unfold the wave (A) of the third Zig Zag...
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