Here's an effort to draw a couple of bullish scenarios, one for a higher "B" or "X" wave up, another for an ending diagonal triangle. However, looking at it, the diagonal triangle idea doesn't look like it "fits" well (almost more like a larger, expanded flat B wave). If we've already bottomed a large fourth wave and would see an ending diagonal triangle for a large fifth wave, the dimensions of it likely would take more time on the charts. The reason why I tried to fit it to the year 2012 is because of a side discussion I've had with one of my readers, on the basis of a remark by R. N. Elliott in his writings that he expected the supercycle (or maybe it's the grand supercycle) to complete by the year 2012. So sure, it would be neat to find a way to make that a completion with a peak into that year. But on wave structure, I'm not really seeing it, unless that would be a time frame for an expanded flat's B wave peak. It also looks like the other long-wave theories, such as Kondratieff waves, would not really support a peak into that time frame. What I might find easier to see on the charts would be gold making a big rally into that time frame.
I've applied my default Elliott Wave label to this post, although it refers to Tony Caldaro's OEW and this depiction doesn't have anything to do with Tony's points of view. Just an effort to try seeing the monthly chart from the other side of the trade, so to speak! Well, for that matter, Tony DOES have the idea that we might not have completed the bear-market Primary B rally (but only its initial "a" wave to be followed by a pullback wave "b" and then later, "c" up to complete Primary B). But note that the blue line rally I marked on this chart goes higher than Tony has indicated for a higher Primary B - he's remarked on the levels around 1020 to 1100 ... levels that would find the SPX encountering resistance from moving averages, as well as the next higher downtrend line in the fork I've drawn onto this monthly chart.
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