Diligent Elliotticians should then find the current channel and figure out where we are within it. I would argue that we completed the (a) wave of the 4th wave correction of the W3, with (b) set for Monday, and further selling-off on Tuesday and Wednesday.
Monday's rally off Merkel's re-election should not set a new high on SPX. It should be contained around the 1720 area, allowing for (c) of 4 to take us just below 1700, or mid-session Wednesday according to the channel as drawn. Late this week we will have Durables and GDP, should be exciting.
A top into the SPX 1751 area would make for a decent-sized 5th wave here, about 1.618x the wave 1 from 1628. Maybe it will even unfold as an ending diagonal, confirming our expectations of it.
BBRY may be a zero by year-end.
To my knowledge, Karl Denninger is not a registered financial advisor in the State of Florida. If he has mislead you with his advocacy for BBRY or other benighted stocks, whether with your own or someone else's money (greets, Asimov), I am providing the link to report an Investor Complaint to the U.S. Securities and Exchange Commission for your convenience.
One more thing, I think Fred Reed's piece over at Taki's Magazine is important and should be read widely. If you're new to Taki, whom I discovered in The American Spectator, geez, a couple of decades ago, then stick around and enjoy the rest of the site.
Good luck this week!