Thursday, January 6, 2011

Market Timing Update (1/6/11)

[EOD] No change in wave counts (see overnight update). The following charts updates. The decline from the high has so far retraced 50% of the latest advance in ES. Additional selloff overnight and tomorrow AM is likely.

[730am] Overnight update (ES) -
A potential five-up from yesterday's low in the squiggles. Let's call the current peak [iii] of 5 OR (i) of [v] of 5 OR [v] of 5, in the order of decreasing likelihood.