With the SP-500 hanging around the 1310 level it's hard to get an exact read on market direction. Most indicators are still whipsawing making me believe we're still in a correction rather then an impulsive 5th wave up. On the following chart I noted a couple dates we should see a low put in if it's not in already. These dates are based on the triangle count proposed by Col1 and others. Each wave should take less time and travel a shorter distance then the previous wave. The reason I'm not totally buying into the 4th wave triangle is because some indices made a higher high on the proposed B wave, therefore, after the next low I believe is coming, I will be holding long.
I still believe we will see a major LOW in June which will be just as good of a buying opportunity as was March 6th, 2009 (at 666). This count of completing the 4th wave and rising up into the 5th wave during the beginning and mid-May still fit with that June low scenario. The June low would be my proposed wave 2 down before the surge of surges King 3. Until next post....
geno0010
The
Trader
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