Yesterday's EOD update remains very much applicable.
"In a zigzag decline, SPX did a fib-0.618 retrace of the advance from its late June orthodox low (Chart 1). The current pullback is also testing the base channel trend line from the June low (Chart 2, gray lines).
The near term low has the potential to be the end of a small-degree wave (b)-down or [ii]-down (Chart 1, green), OR to a lesser extent, wave (c)-down of a more convoluted triangle consolidation (Chart 2, blue lines). "
Also, the DOW continue to offer trackable squiggles. See 220pm entry below.
[220pm] INDU update
Post FOMC minutes, potential post triangle thrust.[11am] INDU/SPX update
Cash indexes are likely at the end of a zigzag or a 1/2/[i] setup.
[930am] ES update -
A passable five down from the July High in ES and YM, but a zigzag down in SPX and INDU cash indexes.
