From the July high, we have what appears to be a five down (Chart 1).
The primary count is that wave 2 retrace since the June low is in progress (Chart 2, red), as discussed in Terminal Wave (7/8/11).
Thus, [a]-down of 2-down is complete at today's low, [b]-up of 2-down is in progress(Chart 2, red).
[1030am] Count update (SPX)-
approaching MA50. See Terminal Wave (7/8/11) for thoughts on the larger count.
[750am] Overnight update (ES)-
