We've completed a 2nd cascading ABC down with a C target of 2743 and may be developing a large falling wedge- see the following 49day daily chart.

The 2 vertical lines show the previous 55 day 5 day window which marked a change of trend from the 3134 top reached on 3/27/12. The ABC down to 2897 (see 5/8/12 article) was hit on 5/15/12 and a subsequent cascading ABC down from 2914 (in bold) was begun on 5/16/12 with its C target of 2743 hit yesterday 6/4/12. The small rising wedge that I wrote about on 5/30/12 also hit its target in the 2754 area. Yesterdays low was 2728. As of today, we are 47 days into the next 55 day cycle leaving us 8 days till a possible change of trend where I would expect a break of the large wedge upper trendine that sticks. Keep a close eye on $Gold- it looks to be leading stocks and may have set a long term low of 1528 back on 5/16/12.