SPX is making all the right turns for a bearish LD or 1/2/[i]/[ii] decline. Recovering above last Friday's high will confirm a corrective pullback which would most likely be a wave [iv] off the December low. See charts.
[1230pm] DAX update -
A visual overlapping five down from the recent high. But squiggle count reveals near term options. See charts.
[12pm] SPX squiggles -
Wave structure off today's low. See the 2nd chart below.
[1030am] SPX update -
See the latest weekly commentary for details.
[845am] ES update -
As discussed in Squeezed(1/27/12), "something has to give." It appears to be the support line (Chart 1).
The overnight drop in ES helps us to eliminate the triangle possibility and leaves open the rest as highlighted by this chart in Squeezed (1/27/12). Chart 2 below updates.
