Chart 1 updates the top counts for price actions since the April high. The upcoming high is one the following- 2-up of (1)-down, [a] of 2-up of (1)-down, (X) of ABC-(X)-ABC.The squiggle counts in both the cash index and the June mini suggest the potential for further subdivision higher tomorrow (Chart 2 and Chart 3).
For example, the squiggle count on the cash index shows a reasonable expanded flat pullback before the pre-close bounce (Chart 4).If the at least a near term peak is already in, we should be OK with that too. This particular squiggle count should be most useful from a risk management perspective for the shorts.
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