Notable divergence between SPX and NDX today. NDX/NQ has satisfied the minimum requirement of a 5-up from the low but can thrust up to the top of the channel (Chart 1). The best squiggle count of wave 5 in NQ appears to be an (rare) expanding EDT.Chart 2 and Chart 3 refresh the larger and squiggle tracking counts on SPX.
[2pm]ES update -ES tracking squiggles - green 4-down, bounced off channel support, ABC or triangle/flat? blue - [a]-dn, [b]-up in progress. red - 1/2/1/2 or LD setup?
see the 2nd chart below.
[1012am]SPX update -
SPX approaching the initial target area for green wave 4 outlined in yesterday's EOD update, potential expanded flat correction if the that's the case.
[12pm]DAX closing update -
DAX closed back into the base channel, but right at channel support on what appears to be a 7 small wave decline so far.
[825am] DAX, ES update -
ES retraced about 0.382 of green wave 3 at the moment. If it does not decline further, leave room for a triangle green wave 4.
