2pm update - has the October 2011 wave completed?

Whilst the bulls vainly battle to hold sp'1800 (not that it matters now), it has to be asked, was sp'1850 the high of this grand wave from Oct'2011 ? Metals are moderately mixed, whilst Oil is -0.5%. VIX is most notable, with strong gains of 18% in the low 16s.


sp'weekly4

sp'weekly - poster 'delubicz'

Summary

For the normally choppy hour of 2-3pm, I wanted to raise the ultimate issue...is the market maxed out already for this grand wave?

I often get 'lost in the minor waves', and frankly, it'd not surprise me if the slightly different count by poster 'delubicz' is actually more correct.

Key issue: if the latter is correct, then equity bears should look for a hit of the lower weekly bollinger. By end February, that will be around sp'1760/50.

So..we'll know within 4-6 weeks, if the market has already completed the giant wave from Oct'2011.

*I'll cover this issue in more detail later this evening.
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I should add, I do appreciate all counter views, and I most certainly always seek to learn from others.