Tuesday, August 23, 2016

Market Timing Update (8/23/16)

[205pm] SPX update -
ES made an ATH but SPX cash is still fraction away. The potential bullish triangle we discussed yesterday won the day over the potential bearish triangle (Chart 1). Chart 2 tracks the top two scenarios at moment(a) the gray EDT (b) an extension of a small-degree 5th wave (red C, blue 5, green 3).
We observed in August High (8/19/16) that "If the rally continues next week without breaking 2168.5 first, a potential EDT (Chart 1, 2nd red C) is in play. Beyond 2214.73, the latest small-degree 5th wave from 2147.58 is subdividing higher."
Here the market is.