Market Timing Update (6/22/10 Close)

[4PM stocks] The over all decline is best counted as a simple zigzag so far. With a triangle as the connecting wave, odds favor the sell-off as [b]-down of 2-up or (iv)-down of (c) of [2]-up discussed in recent updates.

Note also the lower selling volume in the Sept e-mini today compared to yesterday's volume.
In addition, there's not much movement in the VIX over the past two days.

The zigzag is approaching its end, retracing nearly 50% of the advance since the June 8th low.