Thursday, May 3, 2012

Market Timing Update (5/3/12)

[EOD] Stocks -
We have a well formed ABC decline from the recent high at the moment(Chart 1). Chart 2 shows how it fits into the larger count.
P.S. - Added a potential EDT 5th wave (of wave 3 or wave 5 itself) in Chart 2. The potential EDT in SPX looks interesting.

[150pm] SPX update -

[705am] ES update -
As mentioned yesterday, the wave structure in ES is interesting and telling. Note that yesterday's low in ES is around the 0.382 fib retrace and guideline support from a proposed expanded EDT 5th wave. See chart.