Sunday, July 31, 2011

I'm finally back from vacation and just in time to see futures up 19 plus points in reaction to a debt limit agreement announcement today. I think many have been expecting this. It was all a matter of timing.



Primary

Since I have been on vacation, I haven't really had a chance to update my most recent primary count.

Prior to leaving on vacation, I had Minor 5 underway with the triangle option as the alternate. These counts still seem to apply with either last weeks low completing minute 2 of minor 5 or minute [e] of the triangle.

Tomorrow's gap up (assuming futures holds overnight) is either minute 3 of minor 5 or the thrust out of the tri. Both counts look for a new high above 1370 unless minor 5 truncates.

This weekly chart above is another count I presented not too long ago. It's somewhat similar to the primary count but the counts are based on a higher degree using Fib ratios off the March 2009 low. I'm still watching this, especially for it's corrective count as well.
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