Wednesday, May 8, 2013

Market Timing Update (5/8/13)

[EOD] Stocks -

In Extension (5/3/13), we observed that "the blue wave 5 reaches equality with the blue wave 1 at around 1632." SPX is practically there (Chart 1), especially if one takes the red count in Chart 2 - but it's prudent not to rush the count. Chart 3 shows a potentially completed five-up on the squiggle level from the May 2nd low (red), barring endless fifth wave extension (blue) which is still missing one small down-and-up subdivision.

[1055am] SPX update -

[810am] ES update -
Note the red count in chart 2.