While the decline from today's high appears impulsive (red), the squiggle chart to the right leaves some room for it to be a small degree 4th wave (green) of the advance since last week's nominal low. See charts below (245pm update) for the larger counts. Top candidates for the pending high are [i] of 3-up (bullish) or C of an ABC rebound (bearish).[245pm] SPX update -
tracking counts and the bigger picture.
[650am] ES update -
FOMC day. 12/12/12 day. Moment of truth is approaching. By the red and black counts, the end of wave C-up (bearish) or wave [i]-up of 3-up (bullish) is approaching. On a side note, a bunch of potential triangles as marked in the chart are interesting.
