Market Timing Update (5/9/12)

[EOD] Stocks -

Larger tracking counts remain unchanged - see this chart and this chart. For the near term, the main options are (1) a bullish rebound/new advance following a five wave decline (Chart 1, blue) (2) a bearish small-degree 4th wave (or B wave)  triangle (Chart 1, red)



[10am] SPX squiggles -
Potentially a more-than-previously-expected extended 3rd wave for the current decline.

[7am] ES update -
Options - Deep (b)/(ii) wave retrace, 4th wave triangle, 5th wave extension (expanding EDT or more bearish) or something more bearish. NQ is relatively stronger overnight.