Thursday, May 6, 2010

MTU-Bullish count if the U.S. market is still in P2? (5/6/10 Close)

What's the best bullish count if
(1) the market is still in the same primary degree advance, AND
(2) today's sharp decline is to be taken at face value (i.e. accept the print of a low of 1065.79 in SPX)?

The following bullish count may be a stretch from a number of angels, but it does not violate EWP rules and guide lines even on a squiggle level. And it is well defined in the sense that it will be rejected if SPX drops below today's low AND we can expect a number 7-wave sequence to new highs to conclude the bear market rally if this count is correct.

We'll know soon enough.

Chart 1 shows a complex three structure for the primary degree advance since last March.

Chart 2 shows a detailed count since the Feb low.

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