Whether this afternoon's rebound is only a small-degree 4th wave or the start of an upswing remains to be seen. Chart 1 shows the larger tracking counts.
Chart 2 presents the top three tracking counts for the entire Hope Rally, likely a cycle wave b-up as labeled.
(red) The Hope Rally topped at/around black label number 3 (with a truncated 5th wave).
(green) The Hope Rally is to end at black label number 5.
(blue) The Hope Rally is to end at black label number 7.
Please see C/c-apitulation (stocks and bonds) (6/1/12) for additional discussion.
[1020am] ES squiggle update -
Squiggles from the overnight low, bull and bear counts. See the 2nd chart below.
[7am] ES update -
