This weekend, I concentrated on the bullish count and I have some interesting charts for you ; )
Bearish count: The bearish count is in trouble! If the market rallies above 1150 this count will be invalid! Still possible though that wave 3 will start soon.
Bullish count: The action from 1045 now looks like a motive wave. We're currently in the fifth wave that should end when it hits the upper trendline.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxqNcCWmPz8pc0vENndY_hedFGQliUo87ahlBSVG2KbmZZJBI3Zdw1cl-bZdlrdAyeFfq82RVBZSPilQdeDgUjM2J-8kfTlzw3s2yUU6-kPQohxzJBVa1W4rk5nVCsryXWeQ6lFkrOAIE/s320/s&p500longterm03072010a.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxqNcCWmPz8pc0vENndY_hedFGQliUo87ahlBSVG2KbmZZJBI3Zdw1cl-bZdlrdAyeFfq82RVBZSPilQdeDgUjM2J-8kfTlzw3s2yUU6-kPQohxzJBVa1W4rk5nVCsryXWeQ6lFkrOAIE/s320/s&p500longterm03072010a.jpg)
I still don't like this count (because of wave (3)) but the target for wave (5) may be the 62 % retracement level and the upper trendline.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRk9eWVp324_hlU_CuSg2zupT71lZ7UC3esUHA8A9oMBUgDvcUYezlL7g_kj9oro9pWOQLZBBxHCJ1UKD5Ldxn58YTnagXTJkOti6_o1yUzVPa-7wVgvYxDL_-vX6_5R2lwypoj20qfRg/s320/s&p500verylongterm03072010a.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRk9eWVp324_hlU_CuSg2zupT71lZ7UC3esUHA8A9oMBUgDvcUYezlL7g_kj9oro9pWOQLZBBxHCJ1UKD5Ldxn58YTnagXTJkOti6_o1yUzVPa-7wVgvYxDL_-vX6_5R2lwypoj20qfRg/s320/s&p500verylongterm03072010a.jpg)
How about that? ; )
New high in 2011, new low in 2012, crazy but we got the same structure 40 years ago.