Wednesday, June 30, 2010

Wednesday 6/30/10 Market Update

The S&P 500 bounced weakly in the morning hours before turning lower in a sell-off that picked up momentum as the day progressed. The waves are likely forming an impulse to the downside which is probably a 5th wave of some degree. Wave [5] of iii of (iii) of [i] of 3 seems the most likely.

Wave [4] as labeled is quite small (and does not alternate with wave [2]), much smaller than the size suggested in yesterday's update, but the alternative triangle above is also an unpleasing option and actually seems more unlikely.

An impulsive count lower is not clear since today's high, at least not in the initial waves. The move lover is likely a completing impulse given the distance traveled to the downside and the non-zigzag like structure however.

The larger view has not changed.

As a reminder, there will be no post tomorrow. Please look for the next post before the first market open next week, 7/6/10 (markets are closed Monday 7/5/10).

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