Our inability to descend enough in the last few days to touch the trendline I had in mind has me reconsidering the count, and wondering if we did indeed already put in our top at 1464.
The wave action this week would then be that of a wave 2. 1434 is the HWB of the initial drop from 1464 to 1403. If this is correct, we rally a few more points, roll over again at 1434, and chop our way down to the 1300 area by the full moon at the end of November. This also fits well with the Three Peaks and a Domed House count I was tracking earlier.
This would be the first leg of a larger drop to 1040 SPX, centered around debt ceiling worries and woes this Winter and into Spring of 2013. After they paper over the intractable problems for a bit, we will rally through the summer and crash all to hell in the Fall.
Mitt Romney will be gleefully watching along with us, and, hopefully, buying index puts.
IMO Mitt never should have apologized for the 47% remark -- it's the first time a pol has spoken the truth since George W. Bush said, "this sucker's going down". Oh well, too bad.
Anyway, here's the 1464 top count. You could probably move the A and B around if you like, and get something else that works.