Thursday, June 21, 2012

Market Timing Update (6/21/12)

[EOD] Stocks (SPX) -
Stocks are either retesting its recent breakout area or starting the next down swing (Chart 1). The next rebound will shed more light on the odds.  Chart 2 shows top tracking squiggle counts. The bearish count is straightforward. The bullish count has the current selloff as a 2nd wave or an X wave, retracing about 0.618fib of the prior advance and 0.382fib of the rebound since the June low in SPX.

[240pm] Tracking counts (SPX) -
[1230pm] SPX update - 
Failed triangle, potential flat 2nd or 4th wave into potential major support area.

[920am] ES update - Likely a small degree 4th wave ascending triangle in ES. See charts.