The best count for both the TSE and S&P is that waves 1 and 2 were complete during the summer months followed by waves 1-2-3-4 and 5 of 3 with a low in late Nov or more likely the low just before that at a slightly higher level. From there an irregular triangle is forming as wave 4. This satisfies the rule of alternation aswell as the normal occurance of triangles breaking the trend channel. Triangles are a-b-c-d-e patterns within which the c -wave is usually the most complex. Time wise this pattern is about 6 weeks or so old and it could terminate in about 2 weeks, coinciding nicely with Obama’s inauguration. Then wave 5 of C (or just wave 1 of C) will take us down about 1500 to 2000 points, perhaps a little closer to the 61.8% point (sofar we did only 49%) and a little closer to the initial target of the 2003 lows. Then a very tradeable rally should unfold (good for buying HXU at about 7 or so)