SP - Blow off Top?


 Daneric Elliott Waves has a good summation of the Alt counts on the various equities indexes including a discussion of ending wedge formation characteristics.
There are three potential long term alternative counts labeled in his chart below .

click to enlarge

My count and Alt. is simpler;  the nominal 2007 high IS the Grand Super Cycle high, rather than an irregular B wave high. 
The 2009 low IS the primary wave 1 ( alt. A), and currently this high is ending the 2 wave back ( alt B wave).
Splitting hairs on the various counts does not effect the short and medium term.
The preponderance of likely counts with extreme risk to the downside, wedge failure characteristics, bullish sentiment, breadth and volume on the move up; all suggest a sharp and explosive 3rd wave downward acceleration is imminent.




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