Monday, May 24, 2010

Market Timing Update [updated 930PM] (5/24/10 Close)

Stocks and Gold Update

[930PM] Emini Update-

[4PM] Stocks- The most bearish count is that wave (iv)-up of [i]-down (within P3) ended at today's high. In SPX, there's a LD [1]-down, followed by a [3]-down decline into the close.

The less bearish count is that 1-down of P3 has ended last week, and the sell-off into the close is wave (c) of [b]-down of 2-up. [b]-down of 2-up is tracing out a regular flat (especially in Emini). Price rising above today's high without breaking last week's low would shift the alt count the primary count.

Please see the weekend commentary (see links on the left-panel) for details.

Gold - Within the bullish count, wave 4 has ended and a wave 5 advance has started.

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