Market Timing Update (1/4/11)

[EOD] Primary count for SPX and NDX. These counts are consistent with the pink count in Hope Rally Update 2 (12/31/10). Note that the proposed wave B decline in SPX is likely to be accompanied by a wave 4 decline in NDX. Please see corresponding squiggle count on the ES (225pm entry below).
[225pm] Count update (ES) -










[740am] Overnight update (ES) -
The overnight structure is better counted as a 5-down and 3-up (red in chart 2) with a 0.618 upward retracement so far, indicating a high (likely [iii] of 5, black in chart 1) is in place.
The bullish alt is that the decline is over in the form of a zigzag and as wave iv of (v) of [iii] (black in chart 2).