8/3/10

SPX - 15 MIN - 8:30 AM

This is actually what may be happening. The reason for this count is the fact that off the high, I count 5 waves down and now the bounce up is looking like 5 waves up.

You don't really see that combination unless the first set of 5 waves ends a move, which by this count makes for a wave [4] flat.

 I believe this is subminuette ii down of minuette (iii) up. This count is out if ii retrace beyond the start of i.