Thursday, June 2, 2011

SPX Daily - Thursday, Jun 2

@ 4 PM

Staying with the Minute 4 count, as SPX did not go beyond the start of Minute 3.
Of course, confirmation will come from what happens next.
That elusive (c) I had been looking for, this could be it.

Looks like DOW experienced a little more gravity than others in this sell off.

@ 3 PM

The NYSE came precariously close to the Minute 2 low, but has held so far. So may be  Minute 4 is still in play.

@ 12 Noon

I don't see a way to count the waves, after yesterday's action, and what appears to be a follow through selling today. The financials have broken down as well. 
While the RUT,NDX,NYSE,COMPX are holding up as of now.

Though Russell 2000 can be counted to have peaked with an Ending Diagonal.

To muddy up things further, the move down from early May does not look impulsive anywhere, it looks corrective. The supposed Minute 4 is looking way too big in comparison.

The 1295 low of Minute 2 has not yet been breached.
May be we got an "Irregular Top" as Elliott mentioned in Nature's Law.
Or may be Tuesday was the truncated fifth wave, we have been looking for.

Will have to wait till things clear up.

Will try to write up on Elliott's "Irregular Top", later in the day for reader benefit.


  1. vega - my 2 cents...i think the nested 1-2 count is valid

  2. possible nested 1-2