Tuesday, August 31, 2010

Real Time Update (8/31/10)

[EOD update] Click for EOD update here.

[228PM] Post FOMC minutes squiggles -

[156PM] triangle? -

[12PM]SPX/mini squiggle update - [108PM] Pre-FOMC minutes squiggles -

[953AM] ES squiggle update -

[745 AM] Cycles suggest a possible (short term) bottom this week -

[730AM] Overnight update (ES)
- Additional sell-off in ES overnight finally clarifies that yesterday's decline is a five and not a three.
- This allows one to eliminate the larger triangle (June to Sep.) wave (B) count highlighted in earlier.
- However, this also leaves the current top counts as extremely opposite to each other as ever.

[Blue] The bullish count expects wave [c]-up of 2-up to commence soon and the July low most likely to hold.

[Red] The bearish count expects a cascading and likely forceful decline as 3-down progresses.

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