Market Wave: 11/13/2009

T-bone's Expanding Ending Diagonal count on SPX:

Here is the internal structure:

Expanding ending diagonal is rare and I can not remember we have any examples on Dow at any degree larger than daily level, at least from Prechter's book. But it seems to be a valid count for now. $VIX seems to have similar expanding triangle pattern as well.

Wave 5 of C in first chart could be truncated already, or it is going to make a new higher high around 1121 level.

From price wise:
1121 on SPX would be 50% retrace from the entire decline from October 2007.
10334 is the equivalent point on Dow.

Time relationship on Dow:
The entire decline from October 2007 to March 2009 takes 512 days.
50% retrace the time duration: 0.5 * 512 = 256
256 days from March 6 low would be November 17, next Tuesday !!

Time relationship between wave (W) and (Y):
If wave (Y) in time = 1.618 * wave (W) in time, the date to end the wave (Y) would be November 15, this weekend !!

Next week could be interesting ......