It seems to me that we should expect the broader markets to be following the same theme. If that's true then the recent November top in the Wilshire should be wave (X), a double top. We will be looking for a retest of the July low. This will be wave (Y) down, equivalent to a C or 3rd wave in force, which may be surprisingly sharp. If we see a violent acceleration in the decline, it could shorten the end point for wave (Y) to mid to late December.
Given the moderated increase in bullishness associated with wave (X) up, the bearishness should become quite severe as the July low is approached creating the greatest buying opportunity since March 2009. Perhaps this is a hopeful interpretation, but while my timing of the count has been off since July, the form fits what I have expected from the beginning. We will just have to give it a little more time to see if it proves to be correct. Either way, an excellent buying opportunity should be here in just a few short weeks.
The Qs may diverge from the Wilshire and SP500 by correcting in a wave 2 of (3) of [C], but the overall outcome will be the same.