Elliott wave count for week ending 14 august 09

We have assumed that fresh bull move had started from 6th march low of 2539. The 1st up wave was completed on 12 june high of 4693.the 2nd wave a,b,c correction came down till 13 july low of 3919. The 3rd up wave started from the low of 3919 and on 4th august the 1st sub wave of this 3rd wave was completed with the highs around 4731 and the 2nd sub wave abc downward correction started. Most likely this 2nd down sub wave abc correction at the worst case can come down till as low as 4229 levels to start the largest up wave of this current bull market the 3rd sub wave of the 3rd wave. However there are possibilities that this 2nd wave zigzag may be terminated around 4325 or at the best around around 4420.

There could be another case, where the new bull market after the completion of the 1st up wave at the 12th june high of 4693, the 2nd corrective wave is still on as a 3, 3, 5 bigger flat with 1st set of 3 down waves completed at the 13th july low of 3919, the 2nd set of 3 up waves completed on 4th aug high of 4731 & presently we are in the final 5 down leg of this flat that can go down all the way till 13th july lows of 3919 before start of the mega 3rd up wave. However the thing to be kept in mind is that as per elliott wave theory, 2nd corrective wave is generally in the form of abc zigzag as per paragraph above & the 4th corrective wave is generally a flat.