Friday, August 1, 2008
August 1, 2008; S&P Chart
Here's a proposed wave count, with correct wave degree, on the 15 minute S&P chart. It shows that we are currently completing a small wave iii, and should consolidate with a modest corrective wave iv. Wave 4's tend to be a bit flat and can take up a bit of time before it gives way to wave 5. So I expect the consolidation in wave iv to last most of the trading day today before giving way to wave v down to a new low on the day.