Tuesday, July 20, 2010

Market Timing Update (7/20/10 Close)

It's all in the squiggles (part 2) and it reminds me of P2 (in terms of a possible triple three).


Chart 1 updates the top competing counts (using the Sept SPX mini).

If the upward reversal from today's low is a triple three as indicated by the RED-labeled count in Chart 2, (iii) of 3 of (1)-down sell-off (RED-labeled count in Chart 2) OR C-down of the ABC-X-ABC structure (GREEN-labeled count in Chart 1) is now directly ahead.

The main bullish count is that [c]-up of 2-up is in progress (GREY-labeled count in Chart 1 and Chart 2). The VIX seems to support additional upside potential (Chart 3).

Needless to say, today's low is a critical differentiating point.
blog comments powered by Disqus