Monday, July 5, 2010

Intraday Update (for 7/6/10)

[315PM]SPX/mini pre-close count update -
No change in the larger count, adjustment in the first small-degree 5-down.

[150PM]SPX/mini count update -
We have most likely a 5-up and a small 5-down in the futures. The counts highlighted previously are on track.

[8AM]SPX/mini overnight update - As a follow up, the overnight low is key to differentiate various counts.

[Bearish count] The advance from the overnight low is most likely the final part or the entire (iv)-up of [i]-down of P3.

[Bullish count] The overnight low is [b]-down of an expanded flat 2-up of P3, or the second A-down of an ABC-X-ABC correction from the April high.

[1145PM 7/5/10 for 7/6/10] Updated squiggle count of the Sept SPX mini.

[Red] Under the bearish count, we have (v) of [i] in progress or an expanded flat (iv) of [i] in progress at the moment.

[Green] The ABC-X-ABC structure is still valid but is effectively the same as the Red count for the time being.

[Blue] The corrective count, where I have a non-overlapping triple-three, is a bit stretched at the moment.
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