S&P (SPX) update

Just a quick update. If the bearish interpretation is correct then we should soon experience a rather dramatic drop in the S&P and many other indexes. Here is the chart;

S&P Aug 2010


The pattern is the same everywhere with just a few modifications, the exception being the DAX that made a new high. Basically there is a wave1 followed by a 62% correction wave 2(could be counted in two different ways but the end result is the same) and then a smaller wave 1 which we are in the process of correcting. This correction may ,or may not be complete, the usual 62% level is at roughly 1110, where a small also more or less equals the a inside a a-b-c correction for minor wave 2. Next we should get a wave 3 down but as waves 2 often resemble the preceding wave 2 of higher degree, the process may take a little longer even though the level of 1110 should more or less do it.