Monday, June 20, 2011

Market Timing Update (6/20/11)

[EOD] Stocks -
No change to the tracking count update discussed in the 1240pm entry. Futures have traced out a five up from today's low. Perhaps the price structure in NQ best illustrates the two competing counts - an expanded flat wave [iv] consolidation (red) or a break out of a falling wedge (blue).

[1240pm] Count udpate -
Out of the wedge (see SPX) and over the first downward trend line (see INDU),
but not out of a potential fourth wave consolidation area (see WLSH) although INDU is relatively stronger (and is about to?) (see INDU). ES squiggles in Chart 4.

[740am] Overnight update (ES) -
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