Tuesday, July 12, 2011

Market Timing Update (7/12/11)

[EOD] Stocks -
[1] Today's bounce is less likely to be a small-degree 4th wave due to minor overlap in INDU.
[2] Chart 1 offers three viable tracking counts on the 1min squiggles. In particular, leave some room for an expanded flat or wxy wave [b] rebound (blue).
[3] Chart 2 shows the larger count - primary: 2-down, alt: E-down
[4] Chart 3 highlights the larger picture with ES, including overnight price discoveries.

[235pm] count update (SPX) -
Minimum retrace level, time and wave structure approaching, combo three or sideways if the market decides to deliver a slow [b] retrace.
[1030am] ES update -
ES has or about to satisfy the minimum requirement for a wave [b] rebound. The primary larger count remains a waev [ii]-down retrace, alt is wave E-down of a large triangle - see 550 am entry.

[550am] Overnight update (ES)-
The previously proposed small degree 5th wave has extended.
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