8/21/12 - EOD Update

60 Min 

 Are the bears working on something bigger here? We'll see. So far the move off the day's high looks impulsive.

Daily

Double top?

Remember this bearish option I have been tracking? It is now invalid with the 1426.68 print today since wave 2 retraced beyond the start of wave 1, the most cardinal rule in EW.

So the best case for the bears is an expanded flat in the works so their best case is the retest of the June lows near 1266. Of course if wave C expanded 1.618* then 1174 could be possible. See the chart below for this expanded flat scenario.

Another count option from the past. We resurrect it here since the market is telling us something different is happening.