Thursday, June 13, 2013

Market Timing Update (6/13/13)

[EOD] Stocks
Chart 1 tracks the squiggles from today's low.
The most immediately bullish count is the green [iii] of 3 on the day's high.
A completed five-up from the low is also on the table. Depending on one's perspective, the blue 1-up is bullish, the green 5-up could be a failed wave C-up (see larger counts below).
The red zigzag is a bit forced and represents an alternative.

Chart 2 and Chart 3 updates our tracking from the all-time high. The green 5-up discussed above could be a failed blue C or the red (y) in these charts.

[105pm] SPX update
Squiggle count from today's low (Chart 3 at the bottom right) and tracking counts from all-time high in SPX (Chart 1 and 2).

[850am] ES/NQ update
NQ made a slight lower low overnight (Chart 2). Chart 1 shows near term tracking counts on ES. Whether a potential small-degree (v)-down (red count) materializes or not, the overnight decline is likely to complete the small-degree wedge-like decline in SPX (this chart) discussed yesterday.

[red/blue - bearish] 1/2/[i]/[ii] ...
[green - bullish] zigzag with a complex B-up
[black - near term bullish] A - B - C,  with B being a flat/triangle.