Thursday, August 2, 2012

Market Timing Update (8/2/12)

[EOD] Stocks -
As discussed at yesterday's EOD update, primary count remains a wave (b)-down or wave [ii]-down (Chart 1, gray or blue).
The assumption makes today's low most likely a key pivot, as Chart 2 illustrates. It's interesting that today's low in SPX took place at the fib-0.618 retrace.

[1220pm] SPX update -
Larger count update. see 2nd chart below.

[935am] SPX update -

[755am] ES update -
For the near term, ABC pullback done, or C-down to come, or double-three. See the 2nd chart.