The fourth wave could be contracting triangle as shown below
UPDATE: 2/9/2015
As the prediction, SPX moves to fifth wave which take price to new low.
After a sharp decline of world wide stocks, I thought the major new wave has begun and we could see indices and commodities reach to unpredictable level. Anyway as a trader you big goal is to make your wallet full of money regardless what is happen to world economy. $SPX is good example of what I said earlier. let's start from July top at 2130. The decline from that top to 2065 was a first wave and price retreated to 2103 forming flat wave. After then the rapid decline that shocked everybody - and this how third wave behaves- to took price to 1870 level. See chart below.
fourth wave is ongoing and it retreated 50% of third wave, however it could be reach to 62% level near to upper line of declining channel. As rule the fourth wave should not be overlapped with first wave unless the count is wrong. That mean at best situation SPX should not reach to 2065. Chart below will focus on fourth wave.
Here wave c in fourth wave clearly consist five uprising minor waves and still there some room for last advance to 2013 level. After that I predict the SPx will fall rapidly as wave three in impulse declining wave. Hope find it useful.
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