Thursday, October 2, 2014

Market Timing Update (10/2/14)

[EOD] Stocks -
[1215pm] SPX update -
Today's follow-through selling conveniently filled the surviving upward gap. Tracking the entire decline as a double or triple zigzag, or an impulse. See charts.

[815am] ES update -
ES seeking potential support at Feb-Aug trendline (Chart 1). The decline from the nominal high so far remains channeled, befitting a double zigzag (Chart 2 green) or a zigzag with a complex wave B (Chart 2 blue). Further meaningful decline would raise the likelihood of an extended impulse wave (Chart 2, red).


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