Wednesday, August 18, 2010

Market Timing Update (8/18/10 Close)

[418PM] SPX/mini after-hour "mini-plunge"-

[4PM] Stocks - The two top counts (updated in Chart 1) highlighted yesterday are still tracking.
The double three count (green) has a better form if (ii)-up is still in progress. But the expanded flat (blue) remains valid.

If wave [5] of c under the blue-labeled count does not extend, (ii)-up may have ended at today's high as indicated in Chart 1.

Leave some room for this final advance potentially being a wedge, either as an extended [5] of c (blue) or [C] of y (green).

We have some divergence today with the Nasdaq and Rut indices achieving a minor higher high while the Dow and the SPX still below yeterday's highs.

Gold - With today's spike up, gold is either tracing out a series of 1s and 2s under the bullish count or is about done under the bearish count.