Friday, September 24, 2010

Real Time Update (9/24/10)

[MTU Weekend Commentary] That's All Folks!

[344PM] Squiggle count update (ES)

[1242PM] Squiggle count update (ES)

assuming (v)-up.

[1120AM] Thoughts about a bull and bear trap
No wedge.
Some thoughts regarding a potential expanded flat in the senior indices and a zigzag with an expanded triangle in the middle for the RUT. See the orange count.
[11AM] Squiggle update (ES) -
[1045AM] Wedges? one's favorite -

[1037AM] Divergence -
Quite a bit of divergence. RUT and TRAN are particularly lagging. ... befitting a fifth wave.
[1011AM] Squiggle count update (ES) -
This count assumes wave (iv) has bottomed. If it is not, this is a nice place to end a zigzag upward correction.

[822AM] Thoughts on alternative counts -
Another interesting possibility highlighted by Freestyle2 - a wave (b) pullback and possibly a running one, that can allow for further pullback without removing the upside potential.
See Freestyle2's thoughts and my response in yesterday's comments section.

[748AM] SPX count update -
And here's a look at the bigger count.
[740AM] Overnight update (ES) -
Not certain that the decline is over - one sees 9 waves down from the nominal top in ES, but 7 waves down in the RUT futures. However, the it does appear more corrective than impulsive. Squiggle count on the rebound from yesterday's PM low suggest possible moderate upward follow through in the very short term.

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