Berney..
Clearly, you are content with your wave count and I hope you make mucho bucks! As noted before, I'm a trend line sort of TA Dude and it was obvious that the trend line resistance failed today. The failure was even more impressive after the huge run yesterday, but, then, that's what this market has been all about.
Now, I see your historical wave count very clearly. However, I am curious to know how you understand that "2" was so well defined, and we are not in an abcde move with "2" yet to be determined.
Again, I agree with you, but just curious.
According to Elliott Wave theory, the wave 2 rise will not exceed the wave 5 failed rally on the SPX under either assumption.. If you accept the 5th wave, it is followed by either of the following wave counts:
1) If a correction to a bull mkt, the 3 wave correction head lower correcting the previous 5 wave rise, or..
2) If a new bear mkt, the new 5 wave decline dictates lower waves successively (1, 3 and 5)..
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