After much analysis, examining the relationships betwen the different waves in the wedge, i have come to the conclusion that what is transpiring here is not a wedge, but a double zig-zag from march 03. Ending diagonals have specific relationship between waves i.e wave C=.618*wave A and wave E = .618 * wave C. Not only do we not see this relationship here in the wedge (which has become a popular count among the e-wavers), but also the current structure from the Oct 05 bottom is looking pretty darn impulsive. Based on this new wave count, there are two potential targets for wave C (1254 and 1308). This wave C should conclude the first leg of the Bull market from the March 03 bottom, leading to a large decline into 2006 and 2007.
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