This chart shows the ES perspective (see EOD entry below).
[EOD] Stocks -
For the near term, a meaningful pullback (for example, targeting 1280-1290 or better) is likely to surface before SPX reaches 1314.64 based on EWP rules with the assumption of a regular five off yesterday's low with no extension. See Chart 1. As Chart 2 shows, the proposed pullback is likely
(1) wave [iv] off the December low, which puts SPX and DAX in sync (see 1130am entry below)
(2) the start of the larger wave (C)-down based on the primary count(see Chart 3).
[1230pm] SPX update -
wave 5. [1130am] DAX at the close -
DAX poke above its SMA200 but closed under. Squiggle count could accommodate moderate upside, but is not guaranteed.
[650am] DAX, ES update -
