Thursday, August 5, 2010

Intraday Update (8/5/10)

[150PM]Wilshire 5000 squiggle count-
Excuse the clutter on the chart. Hope one can make sense of the labels by following their own color :)

The primary count is that minor wave 2-up has not ended. But the longer it stretches on, the weaker the large ED interpretation becomes from a time perspective (see the 820AM update) . The alt in the RED count says the top is in - I'm skeptical.

Three squiggle scenarios -
[Green] Wave b-down ended at this morning's low, tracing out an expanded flat.

Wave b-down is a lengthy triangle. [D]-up is most likely in progress.

Wave b-down is even a larger expanded flat, with [C]-down still in progress. Expect fresh lows in this case.

[820AM] SPX/mini overnight update-
Considering the day count in Chart 1 with today being the 5th day of advance for the final leg of this ED (if it is an ED), it's reasonable to assume that we are in c of (c)of [e] of the ED. Perhaps c of (c)[e] of ED is an expanding diagonal (as indicated)? - very rare though.