Tuesday, November 2, 2010

Market Timing Update (11/2/10 Close)

[950pm] USD index squiggle update (DX) -
Bullish and bearish squiggles on the DX.

[940pm] Stocks (SPX & ES) -
The rebound from today's intraday low counts best as a zigzag. Hence I propose that much of action during the day session is part of a small degree expanded (or running) flat second wave (or B wave) pullback. The pullback could be deep. Expect a small degree third wave (or C wave) to follow once the pullback is complete.

The following charts illustrate.

[5am] Overnight update (DX,ES) -