Wave (v) of [c] may not be complete yet. Assuming the labels and structure are correct, we may arrive at the final target for Wave (v). Since Wave (iii) is approximately 50% larger than Wave (i), we may assume that Wave (v) may seek equality with Wave (i) at 2115.84. This does not make Wave (v) of [c] the all-time high, but it gives us a minimum measure for Wave (v).

Another measure is that Minor Wave 3 is approximately 50% the size of Wave 1. Since the calculations must be a Fibonacci sequence, I suggest that Minor Wave 5 may be 31.8% the size of Wave 1, targeting 2126.47 as a probable target. This measure would create a final all-time high in SPX.

Finally, the 2119.59 high may have been the all-time high. From a Cyclical perspective the March 25 high is exactly 8.6 days from 314.16 weeks from march 9, 2009 low. The cycles suggest there is no need for a new high. The problem with this is that the only warning of the top is the crossing of the 50-day Moving Average at 2085.76. When that happens, all hands better be on deck! There wil not likely be another chance to be short.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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