Friday, June 1, 2012

Market Timing Update (6/1/12)

[220 pm] SPX update-
A visual five-down from the nominal high.

[9 am] DAX update-
[840 am] ES update (post NFP)-
ES took out its May low following a weak NFP. Chart 2 shows a potential expanding EDT with uncertain odds.

[825 am] ES update (pre NFP) -
It's the first day of of June. ES gave up after kissing the prior trend channel support and is now testing its May low. The bullish count would be an LD rise followed by an ABC decline if the May low holds. The top bearish counts are a small-degree 5th wave decline or wave C of a zigzag off the orthodox high. Let's see how markets react to the jobs numbers.