Thursday, July 21, 2011

Maket Timing Update (7/21/11)

[EOD] Stocks -
On the bullish side, minor wave 3-up of minor wave 1-up out of a 6-month consolidation is in progress (Chart 1, blue and green).

On the bearish side, leave room for an expanded EDT in SPX (Chart 2) and a regular terminal wave 5 in INDU (Chart 3), in addition to an immediate wave [c] reversal (Chart 1, red). The larger bearish count discussed in the 1050am entry is something to keep an eye on as well.

[1pm] Count update (SPX) -

[1050am] Count update (SPX) -
Top tracking counts - chart 1 and red labeled count in chart 2.
For entertainment purposes at the moment, but worth keeping an eye on - The black labeled count in the 2nd chart offers a super bearish count, whereby the terminal wave is tracing out a triangle. The decline out of a failed triangle is often devastating.

[805am] Overnight update (ES) -