Wednesday, February 16, 2011

Market Timing Update (2/16/11)

[EOD] stocks-
Chart 1 shows the larger count since the July 2010 low. The market is approaching appoint to differentiate whether the advance to date is a 5-wave impulse (blue) or a 7-wave incomplete impulse (gray).

Regarding the segment since the late January 2011 low, the most likely scenario appears to be the blue count in Chart 2. If so, a pullback in order.

The other possibilities are highlighted in red and green in Chart 2. This cash count is applicable to INDU and RUT as well.

The count on the future is getting ambiguous, particularly on YM. Chart 3 presents several possibilities.

[1030am] Count update (stocks)-
The count on SPX is applicable to multiple indexes including RUT. The count on YM is slightly different and a bit more bullish for today's advance (i.e. extending wave (v).
[8am] Overnight update (stocks and USD) -
Two counts on stock futures to consider. Wonder if DX can deliver a 3 of 3.
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