Tuesday, August 10, 2010

Intraday Update (8/10/10)

[245PM]Post-FOMC count update -
On the bearish side, the rebound could be an expanded flat. The bearish divergence persists in the 60min chart.

On the bullish side, it's an ED within an ED as discussed earlier.

[1038AM] Wilshire 5000 squiggle count update -
Three possibilities, not of the same likelihood.

[735AM] SPX/mini overnight update -
As mentioned in yesterday's EOD update, a truncated top could be in, but must leave room for an extended possibility (e.g. an ED within an ED). Last Friday's low is a key level. See charts below.
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