You can see here, we might be completing wave 3 of 5, and possibly starting a small wave 4 of 5, then you have the last real shorting opportunity as we do wave 5 of 5, and that's it for the big wave 'A' downleg from October 2007. A substantial wave 'B' should follow. It's possible that the turn date for USO, below, is related to the start of wave 'B' in stocks. It wouldn't be totally surprising if the end of 'A' and the beginning of 'B' for the $SPX was in mid to late March. Keep in mind that where I put the 'B' wave on the chart is not where it will end up. It will probably take several months to complete 'B', somewhere off the chart. This is only a schematic.
Just for completeness, the price that's 62% down from the October '07 top is 602, and the point where wave 5 on the diagram equals wave 1 is at 625...This is around the price where wave 'A' should end.
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