Thursday, November 4, 2010

Real Time Update (11/4/10)

[330 pm] SP500 takes out its April high -
[1245pm] Count update -
[3] of iii (or iii itself) likely done. Wave Four in progress.

[11am] Wilshire 500 takes out its April high -
[1050am] Count update -
I have the bullish count at [3] of iii at the near term high. The near term high is also the last chance for the bearish ED count.
[935am] Count update -
The Dow gaped up to take out the April high, joining the ranks of NDX, TRANS, COMPQ.

[750am] Overnight Stocks (ES) -
Two short term tracking counts - post triangle thrust up (GREEN, more likely) OR no triangle but an ED (RED, less likely).
The immediately bearish ED count is approaching its limit and needs to turn immediately, ES cannot exceed 1208.25/1208.75 as indicated. But note that the April high is 1208 in the Dec ES already, partially due to the spot-futures basis in a zero rate environment.
[730am] Overnight FX (DX, AUDJPY) -
A post triangle thrust down in the DX, reflecting much of the opposite behavior in EURUSD. The proposed wedge is still tracking AUDJPY, and is incomplete.

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