Lets take a look at the Global Dow first. The waves of the Global Dow is very nice and very clear.I do think that wave B ended at 2,246.54 on February 18, just above the 61.8% retracement target of wave A. Wave b of B also became almost perfectly 61.8% wave a of B. All we need now is confirmation, which a break below 2,125.04 will provide a decline to at least the 2,031 - 2,032 area.
The S&P 500 diped shortly under 2,094.53 (did not close under), but it should be enough to confirm that a top (most likely a major top) for a decline to at least 1,217. Copper provided a nice lead for us as I expected (see my post http://theelliottwavesufer.blogspot.com/2011/03/copper-vs-s-500-topping.html).
The next important level will be 1,255. A break below this level will make the current decline the biggest since this uptrend began in late June 2010 and confirm that this entire uptrend is at least being corrected or more likely ended the entire rally since March 2009 and the next big decline has begun.
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