Junk - In its final wave up

(Click at the picture to enlarge)

Junk (Symbol: JNK) is tracking S&P 500 and the Dow (see below) higher.

If my count is correct we are currently seeing a big irregular flat that began in late november 2008 red wave [A]. We saw black wave A ending in early January at 33.99. Black wave B ended in early March at 25.55 and we are currently in the late stages of black wave C with and ideal target in the area from 39.86 - 39.98. The 61,8% retracement of the fall from 48.29 to 26.50 is at 39.98 while wave 5 of black wave C will equal wave 1 of black wave C at 39.86. When black wave C is done we should see red wave [C] take us down to 25.55 and below.

I have been forced to change my wave count on S&P 500, as it has been the case on the DOW. My S&P 500 wave count is pretty much identical to my DOW count.

Ideally red wave c will finish in the 1,120.25 - 1,132.64 area. The 50% retracement of the fall from 1,576.06 to 666.92 will be found at 1,120.25. At 1,127.68 red wave c will equal red wave a and finaly at 1,132.64 the red Zig-zag will equal the lengh of the black Zig-zag. So within 12 points we have a cluster of resistance levels all ready to halt this never ending red wave [B] setting the stage for red wave [C], which will take us back to 666,92 and below.