See the 330pm entry for squiggle counts. Today's decline has met the minimum requirement for a wave E-down of a potential triangle in stocks. At the same time, there's room for further pull-back with today's low as wave (w). The chart to the right presents the larger count. [330pm] ES and INDU update -
zigzag down so far. Is it 1/2/[i]/[ii] - up (larger degree, green INDU) or down (smaller degree), abc-down or w-down? See charts.
[1150am, 1240pm] DAX and INDU squiggles -
1150am- Little movement in DAX. Corrective or LD decline in INDU.1240am - INDU approaching potential trend-line and fib support and potential end of an (initial?) ABC decline.
[7am] DAX, ES update -
see the weekend commentary, Hope and Resistance (11/11/11) for details. 
