which way monday, page-2

We are currently consolidating in a triangle which I have labeled wave 4 of its move up since march. Triangles always occur in a position prior to the final actionary
wave in a pattern of one larger degree. This could be seen as the wave 4 out of the 5 wave pattern.
The distance travelled once pattern is
formed is approximately equal to the distance between the widest portion of the triangle. This interestingly
enough corresponds to the 50% fib retracement from the 07 high sitting at 4975.5. This would be the first
target should this pattern play out.
Although having several attempts to close above the black diagonal line which comes from the 2007 high,
price failed to close above this level validating the pattern.
Another alternative could be that wave 5 travels equal distance to wave 1 which would take price to the
61.8% fib retracement from the 2007 high to 5417.5.
Its amazing how the geometry pans out.