Tuesday, November 30, 2010

Market Timing Update (11/30/10)

[625pm] Here's another bearish count discussed yesterday that has essentially the same implications as that of the primary bearish count in YM (4pm entry).

The entire decline is five(or three)-zigzag-ED. One more thrust lower completes a larger three pullback.

[4pm] Stocks -
There's not much to add to the [2pm] and [1250pm] updates. The following charts update the tracking counts.

The chart to the right outline the primary bearish (blue) and primary bullish (green) counts. The charts at the bottom update the squiggles.

The primary bearish count (red trend lines) is that a small degree fourth wave is developing. The final thrust down out of this triangle is (v) of [c] of (say minor wave 4). The more bearish interpretation is that it could be [i]-down of 3-down (red labels), but it is too early to tell.

The primary bullish count (black trend lines) is that an initial [1][2] or a/b is developing from yesterday's low (out of a downward thrust from a larger triangle). See the green and black counts.

The coming MTU weekend edition will take another look at the wave structure of the hope rally.

[2pm] Count update -
The upper red trend line for a potential fourth wave triangle needs to be broken (point a to be exceeded) for additional near term upside potential.
[1250pm] Squiggles -

Additional real time update entries are archived at MTU Real Time.