SPX Daily - Thursday, Mar 10

@ 4:15 PM
If this correction is indeed of a higher degree, then higher degree counts have to be revised.
Yesterday, I mentioned the possibility that (C) could have 9 subwaves instead of 5.

Another possibility is that if this correction is minor 4, then intermediate (C) commenced from the August end low of 1040.

Intermediate (B) will have to be counted as a WXY double zigzag, from 1219 of April 2010 to 1040 of Aug end.

These are a lot of possibilities, But thatz the best I can think of so far.

@ 4 PM

The 1294 support was held. For now I am counting the break out from the triangle as a five wave c. If 1344 was the top, this would count as wave i of 3. We should get a fix on this  if their is another huge drop tomorrow.

@ 12 Noon

Finally the triangle is resolved. It broke to the downside. 

But since it has failed to breach 1294, it looks like we got a flat correction.

Not the dreaded wave 3 down, with 1344 as the top.

Also the financials have held their own today.

It is possible that the bounce off today's low is wave 4, and we may get the 5th wave down. We may need to count it as an abc zizgzag, with triangle in the wave b position.

Any call about the 1344 top is not possible at this point.