1. Wedge count. This implies imminent bearish reversal soon and results in a waterfall price decline which resolves the bearish rising wedge in a nasty collapse.
2. DOUBLE ZIGZAG FROM 2009 LOWS (EITHER CYCLE WAVE B/X OR PRIMARY [2])
2B. DOUBLE ZIGZAG SQUIGGLE VARIATION #2:
Yet we also have another valid way to label the final wave (C) of primary [Y] of a double zigzag count. This supposes that there will be a bearish selloff here below the wedge yet prices rebound in a Minor wave 5.
This is what EWI's count has morphed into more or less except I show radically differing pathing and timing for the "last wave(s)". I also used the Wilshire 5000 for superior form and channeling. There is a lot working for this count and it may be the best interpretation so far of a very tough wave. This count implies that the upper wedgeline will break under (greatly reducing overbought sentiment and such) yet prices will try again to take a stab in a wave 5 sometime in October just prior to election.
The key attribute to this count is the Blue 4 will overlap green [iii]'s price peak.
SENTIMENT
Sentiment measures still point toward the count of a rising bearish wedge which indicates a bearish reversal is near. Via Sentiment Trader, we now have 35% extreme bullish measures versus 0% extreme bearish. That suggests an imminent top is near at hand. "Smart Money" is 29% versus 63% which is quite a spread. Yes sentiment can go higher or maintain with higher prices or at least we get some serious relief in a selloff in COUNT 2B above.
