Well IMO today marked a potentially historic day in terms of the...

Well IMO today marked a potentially historic day in terms of the SP.

Not much has changed since my previous post but am gonna have a stab here and call today's 3.6c low a bottom, if not THE bottom. Probably have egg on my face (not to mention an even bigger paper loss) real soon but if my 5 wave count on the daily chart below is accurate then maybe not.

Notice the 3.6c low (which I am calling the end of wave 5) marks a 50% decline from the top of the previous wave 4. The length of wave 5 also happens to be 2 months to the day.

Interestingly, a 50% decline has occurred on 2 previous occasions this year (see arrows) and has each time marked the start of a new wave. Today's low also equals a 70% decline from the start of the 2013 calendar year and an 80% decline from the beginning of my 5 wave count.

Is all this just coincidence?

Also worth noting is the reversal candle (long tail) that formed today. These candles often signal a local (if not more permanent) low. Today's hair raising action IMO was actually very welcome in order to nullify yesterday's bearish candlestick (long head). Also note that both declining support lines have now been been touched but importantly not breached.

Finally, as per my previous post, the indicators are looking like they are ready to move higher IMO.

Typically after a 5 count wave there is an ABC consolidation period before a new long term (new 5 wave count) direction is established. If that's the case, my guess is we will now consolidate for at least a couple months and remain range bound between 3.6c and 7.3c.

Good luck to all holders and watchers.

Note: My opinions and analysis are mine only and in no way am I offering advice of any kind. Please DYOR.