I count the 2007-2008 cycle as A down in 3 waves; here are the A and B waves leading into the crash:
|A and B of A, 2007-2008|
|1 and 2 of C, 2012-2013|
The final target of C down is SPX 160, sometime in 2014, based on a 1.618 fibonacci extension of the rally up from 666. When it completes, the petrodollar standard will come unglued and the U.S. dollar will collapse. Good time to have an orchard and some geese, a flock of pilgrims or some embdens.