Where's the Beef?

Recently these descriptions of wave personality keep ringing in my ear.....you decide what we saw since March lows.....

Under "Wave Personality":

"B waves are phonies.......They often involve a focus on a narrow list of stocks, are often "unconfirmed" by other averages, are rarely technically strong, and are virtually always doomed to complete retracement by wave C. If an analyst can easily say to himself, "There is something wrong with this market", chances are it's a B wave. X waves......have the same characteristics.".

"First waves ....in contrast to bear market rallies within the previous decline, however, the first wave rise is technically more constructive, often displaying subtle increase in volume and breadth....."

"Third Waves are wonders to behold, They are strong and broad, and the trend at this point is unmistakable. Increasingly favorable fundamentals enter the picture as confidence returns. Third waves usually generate the greatest volume and price movement.....such points invariably produce breakouts, "continuation" gaps, volume expansions, exceptional breadth, Dow Theory trend confirmations.....virtually all stocks participate in third waves"

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=2&dy=10&i=p37727849690&a=138944722&r=1257.png