Wednesday, November 21, 2012

Market Timing Update (11/21/12)

[EOD] Stock -
Primary count on SPX - [i]-up or [a]-up from the November low is approaching its end if not over (Chart 1 to the right - blue, purple) and Chart 2 (blue).
Note the potential EDT (Chart 2 blue and Chart 3) awaiting overthrow or forsaking overthrow.

Alternative count -
Chart 2 red - expanded flat or triangle pullback is in progress.
Chart 2 purple - a simple zigzag rebound, with C-up extending higher or even potentially losing steam as an EDT around current levels.


[950am] SPX update -
From the perspective of SPX cash index.
[6am] ES update -
ES is approaching the prior neckline resistance (Chart 1) with a potential five-up from the low likely complete (Chart 2). A potential retest of the low appears likely.


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