New updated S+P wave count brings new focus, higher odds

I now think I see the real wave count in the topping of the S+P 500.  Today's move down probably was not the start of the 3rd wave down (1 of 3) as I had modeled before.  More likely that the peak of Dec 10th was the 5th wave of the C wave of the E wave of the ending diagonal which I have been tracking for some time now.

There are some aspects about this updated count which I find very compelling:

• 1-3 and 2-4 of the A wave are parallel to each other and also show perfect alternation.
• 1-3 and 2-4 of the B wave are parallel to each other and also also show perfect alternation.
• The C wave is significantly stronger than the A wave.
• The 3rd wave of C is extended and is made up of 5 clear steps where wave 4 does not fall back into the range of wave 1.
• If the recent sell off was wave 1 of 1 down, it will bounce a little and then be poised for a 3rd wave down right in time to break down through the top green ending diagonal support line.  It should take the power of a 3rd wave or even 3rd of 3rd to do that and once it happens the herd will see it as the so called "point of recognition" where the herd realizes that there are no more greater fools to sell overpriced stocks to.  That's when the gaps down happen and the herd panics.

A breakdown of that top green support line at about the location of the red circle will cause me to upgrade this wave count probability from its current level of 85% up to 95% which is about as high as I go.  If it happens with gusto, I'd be very surprised if the chart could then recover.