SPX: minor 5 and thus intermediate iii of major 5 of Primary III in!?

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The problem with 5th waves is that these are often hard to count since they barely subdivide. While we were in fact still marginally looking up (only 3 more points…) the market is getting so close to a top that missing the slightest wave puts ya on the wrong foot. In this case, that clearly happened. This ain’t no minute iv anymore. I went back and discovered the following, very likely, count, showing nice 5 waves up. Isn’t EWT great!? Simply adjust 😉 hehehehe. Anyway, this count suggests minor 5 is in. Could also mean it’s only minute i of v, but then 2040s would be on tap before we see a ~5% correction and that I find hard to reconcile. So for now, lets assume minor 5 is in. Intermediate iv should retrace ~5% which is back to the low 1900s. (1910 +/- 10 points)

spx update 07082014


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