8/27/13 - AM Update

Haven't had a chance to count the squiggles for wave v but it is very possible that it could be complete or nearing completion near the intersection of the blue green trendline without the throw under.

So if the market does not collapse further at these TLs, perhaps a bounce is coming for a higher degree wave 2.

60 Min - 12:05 PM

The red option is on the money right now and purple definitely should be watched from here. As mentioned yesterday, we could be looking for a wave v throw-under.

The bears finally put in a very clear five wave move down at a much larger degree so bulls should be cautious if and when a wave 2 or b bounce occurs. It may very well be a bull trap.

60 Min - 11:12 AM