Tuesday, September 7, 2010

Real Time Update (9/7/10)

[EOD update] Click for EOD update here.

[330PM] SPX/mini count update -
A potential double three in the ES.
[230PM] Here's a corrective version for SPX, to go with the red labels in the 130PM update

[130PM] SPX/mini count update -
The Nasdaq and the Russell are considerably weaker than senior indices, raising some ambiguity regarding the degree of this pullback. The second chart on the SPX cash index shows squiggles assuming the bottom is in - a bit forced but technically ok.
[1123AM]SPX/mini count update -

[7AM w/ an update at 746AM]Overnight update (ES)-
A larger flat after all (most likely). Additional downside potential exists, especially if in the form of a combo and if the decline corrects the entire advance. But given the current low and assuming the pullback is wave iv instead of a correction to the entire advance from the Aug 31st low, updated targets are 1112 and 1122.

[940PM]ES update -
Potential target in ES: 1118.25 where v=i, which can technically preserve the most bearish count [ii]-up of 3-down, despite the ultra-deep retrace.
[8PM Monday] ES update -
Futures action looks possibly even more short term bullish than suggested by last Friday's squiggle. This chart offers a potential near term even more bullish count.

Please see the weekly commentary for a broader discussion.

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