The pullback from the day's high in WTC crude is noteworthy per the EW structure (see the 115pm entry). Chart 1 updates. If the initial decline is indeed a five, the pullback in crude prices is not yet over. See Europe Points the Way?(3/4/11) for the larger count.
The wave structure of FTSE100 is also noteworthy. Chart 2 updates. Please see discussions about FTSE in Europe Points the Way?(3/4/11)
For US stocks, Chart 3 updates the corrective tracking counts for SPX. Within the corrective count, the red count appears most likely. For the bearish count (not shown), the market would be in the middle of (i)-down of [iii]-down (or even a nested 1s2s?).[115pm]WTI Crude squiggles -
[1225pm]Count update (SPX) -
Tracking (corrective) counts
[735am] Overnight update (FTSE, ES) -Please see discussions about FTSE in Europe Points the Way?(3/4/11)
