Market Timing Update (6/1/10 Close)

[620PM Stocks] The SPX cash index is retesting on of the downward trend lines and may be finding support.

[4PM Stocks] The pullback since last Friday's high looks like a lot of things but the start of [iii]-down of 3-down.

As mentioned in the pre-market update, the count that this is 2-up of (1)-down is elevated to be the primary count. Within that context, the current pullback is [x] of 2-up. (Green labels)

A non-P3 count is added as a top alternative, where the market has completed an A-B-C correction and a X wave rebound is in progress (Blue labels)

The squiggle count suggests additional downside pressure overnight before rebounding.