Tuesday, August 12, 2014

Market Timing Update (8/12/13)

Today's decline fills yesterday's upward gap. The decline, if complete, counts as a double zigzag, if incomplete, counts as an incomplete zigzag or more. See charts.

[850am] ES update - 
Chart 1 shows the larger degree tracking counts. Because of the overnight waves at the low, it is possible to count a five-up in ES (and three+ up in SPX cash)(Chart 2). Potential support levels are around 1920, 1910 on a retrace. See charts.