Market Timing Update (4/12/10 Close)

Chart 1 highlights the three near term top counts in SPX


(blue) Triangle [iv], followed by a [v] being still in progress.
SPX is most likely in a small degree 4th wave - (iv) of [v] or iv of (iii) of [v] - which may or may not be done. Note that high of wave iii or (iii) occurred overnight in the futures (Chart 2), which is not visible in the cash index.

(red) Non-triangle [iv], followed by an expanding ending diagonal.
This count suggest that the top may already be in.

(green) Wave A of (Z) ended on 4/6/10. Wave B of (Z) is tracing out an expanded triangle. Wave [c]-down of B is about to commence.