It appears that scenario #2 in the previous blog post is playing out, which is a rare expanding diagonal triangle. I think it's a fairly high probability this is the correct count from an E-wave and Edwards and McGee perspective. However, there are no absolutes when it comes to forecasting the markets. The invalidation point for this count would likely be a weekly close above 18,100. That would probably be too far for a normal 5th wave overthrow as the presumed pattern completes. Some timing and price projection targets are referenced on the charts posted below.
Kim Rice 11/2/14
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