Thursday, July 22, 2010

Intraday Update (7/22/10)

[243PM] SPX/mini count update -

[10AM] SPX/mini count update -

[8AM] SPX/mini and Euro overnight update -
Please see yesterday's EOD update (and especially the larger picture note on "a bullish perspective") for details.

The overnight bounce supports (iii) of [c] being in progress, but one cannot totally rule out a truncated five-down at overnight low until yesterday's high is taken out.


The strongest evidence on yesterday's decline being a three is in the euro (Chart 3). But are we dealing with a nested 1s & 2s there? We'll know soon enough as the most recent high and the overnight low are clear differentiating points.
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