Thursday, July 29, 2010

Market Timing Update (7/29/10 Close)

[1030PM]Inspired by Daneric's 953PM update, I offer the following bearish squiggle count, which channels better for [1]-down.








[4PM] This 4PM update takes a step back and reviews the larger degree bearish count. Odds favor a continuation of the minor wave 2-up rebound (Chart 1) barring an immediate and endless sell-off (red labeled count) - hence the bull trap continues.

The green-labeled count, a large expanded flat with an ED [c] of 2, is particularly interesting.

The blue-labeled count has a variation of a double three option.

At the end of the day, the difference among these counts is where and when minor wave 2 ends. Chart 1 offers several potential locations.
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