There is some ambiguity if today's low should be Minute 3.
But this looks like a good Minute 4, for us to know where exactly we are.
That 72 point relief rally off the bottom, relieves some of the much accumulated anxiety.
@ 1 PM
Today have a look at the Greek Stock Market, which has fallen over 80% from the Oct 2007 highs.
P1 drop was 72%, again like that of Italy. Doubled in P2 retracement.
And breached the P1 low in May 2010 itself.
Very different wave structure from that of SPX & DOW.
In the 1929 crash the DOW fell 89% from the peak, which will be 586 for the ASE.
The ASE is being dragged down by the weight of sovereign debt.
@ 12 Noon
Even Mish commented on the Overnight Market Intervention.
VIX reaching the flash crash high yesterday, was a good indicator for minute 3 bottom.
Hind sight is always great :)
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