Wednesday, August 10, 2011

Market Timing Update (8/10/11)

[EOD] stocks -
Today's price action is likely a corrective attempt to retest the low. The primary bearish count is an [x] wave, bullish count of a 2nd wave. The count that end of a wave 4 bounce took place at yesterday's high is a relatively less probable one.

[336pm] SPX squiggles -
see 2nd chart below
[137pm] SPX squiggles -
potential triangles, need confirmation one way or the other
[1140am] SPX squiggles -
ED or double-three, see the 2nd chart below
[1030am] SPX squiggles -
End of an expanded flat, or a zigzag retrace X wave or [b] wave or 2nd wave.
[810am] Overnight update (ES) -
As mentioned yesterday, we have two top counts.
It is possible to count a completed impulse from the early July high in the hourly Chart1 per the blue count in Chart 1, but it is not so obvious on the daily Chart 2.
It is possible to have wave (iii) of [iii] extend itself, implying the bounce yesterday is wave [iv] (adjusted one degree higher from the earlier (iv) interpretation for better form), based on the red count in Chart 1.