Saturday, September 17, 2011

Weekend Update: SPX Count

The short term possibilities for this market are spiralling toward infinity at this stage, so we're going to wait for clarity from the price action before getting too attached to the short term wave counts.  For now, we're sticking with the preferred count, since it did us solid for so long.  As long as the market does not move above the labeled high of wave iv (blue KO line), the preferred count remains viable. 

Although the micro picture has become temporarily hazy, the macro picture hasn't changed and continues to remain fairly clear in our opinion:  This is either the complete first leg of a new bear, or most of the first leg, with wave v-down still to come. 

Tomorrow, I'm going to see about posting some charts of the NDX, and possibly the Dow, if I have time.

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