The 1st wave(red) lasted about five weeks, so I would expect this 4th wave to last at least that long which puts it into the middle of December at the minimum. I still have a larger sell-off on the radar because some of the longer-term indicators are still pointing to this direction, and this definitely would not be the first time that a major sell-off started with what appeared at first to be corrective waves down, something to think about.
Chartrambler has a great chart on his blog calling for a possible Top in Copper.
7:13, The SPX is now testing the upper trendline, which if gives way, puts the highest probability on the counts is that wave A of 4 is complete, and the SPX is working on the "B" wave. The 1-2 down count is all but dead now. A break above the previous high of 1207.43 confirms the down trend is also dead, and the short-term trend is up.
Breadth is running 6.6:1, advancers, this is very bullish, but no where near the levels we saw earlier this week when declining breadth was close to 17:1.Click here for a live, and updated chart!!!
7:07, The SPX bounced right on the Fib fan line of support.