Tuesday, June 21, 2011

Market Timing Update (6/21/11)

[EOD] stocks -
There's meaningful potential for a trend change (Chart 1). The broader market is not yet out of wave [iv] territory (Chart 2), but $RUT virtually overlapped and $MID is a close second.

[130pm] Squiggle update (SPX) -
$MID and $RUT are very close to overlap with the bottom of the initial wedge.
Here's a creative squiggle count on $SPX on the current advance.

[740am] Overnight update -
Wave [iv] or an upward breakout. For the very near term, the market is likely approaching the end of a small degree five from yesterday's low.