See 330pm entry. In addition, some chart clean-up in the chart to the right. Note that (1) The red count adopts a funny wave [iv] to paint a top tick at today's high based on the blue squiggle count in the 330pm entry below.
(2) The green wave v of (iii) or red (v) of [v] could still extend. No confirmation of a reversal yet - dropping below today's low will do.
[330pm] Proposed EOD count SPX -
The Dow made a new recovery high. See thoughts on longer term counts in Ready, Set, ***! (2/3/12).
[1130am] SPX squiggles -
While more bullish squiggle counts exist (e.g. wave 3 extending), this area appears to be a logical place for a pullback (e.g. to initiate wave [iv] down). see 2nd chart below - 5 wave up from today's low.
[11am] SPX update -
The market has spoken with a higher high in INDU. The following chart shows the count on SPX.
[650am] ES update -
The green count on chart 2 shows a decent top tick. The red count tracks continued subdivision.
