However mk and I were discussing this last week (http://marketthoughtsandanalysis.blogspot.com/2010/02/still-looking-bearish.html#comment-36293615), and his theory I believe is right on!! At least it is the one that I like the best and makes the most sense.
Addition 3/3 - 10:30
Change Primary ABC to WXY to better convey the double zigzag (ABC would imply a flat), per the conversation with mk below: http://marketthoughtsandanalysis.blogspot.com/2010/03/big-bkx-count.html#comment-37789282
So I took his ideas and ran with them. I did some research based on the behavior of other financials and have arrived at an analytically satisfying count. Here it is:
