The above chart is from www.stockcharts.com/I'm not an expert on Elliott Wave Theory but I have numbered the waves as I see them on the daily chart. 1370 represents the end of the supercycle correction. It is "C" of the end of an A-B-C correction which started in March, 2009. Currently we are in minor wave 5 of a larger wave I. My only problem with my count is that wave 4 is larger than wave 3. Wave 3 should be the largest wave. However, exceptions to the Elliott rules do happen. This places us in wave 5 which should bring us below 1258 which was the low of wave 3. My strategy is to remain short the indexes. A more prudent person would be in cash waiting for the end of wave 5. Best to your trading.
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