Friday 2 August 2013

Daily Index Cycle update

The main indexes soared, with the sp'500 finally breaking into the 1700s, closing +21pts @ 1706. The two market leaders - Trans/R2K, closed up 3.3% and 1.4% respectively. Near term trend is clearly outright bullish, primary target zone is sp'1715/25 within 1-4 trading days.


Sp'daily5


R2K


Trans


Summary

Today certainly confirmed that the recent chop was probably just a sub wave'4, and we're now in a final fifth. The only issue - at least from a wave-count perspective, is just how many days will this fifth last?

Best guess..no more than another 1-4 days...and if we spike higher on 'good monthly jobs data' early Friday - into the sp'1720s, that could quite easily be an exhaustion top.

As ever, top calling is rarely a good..or wise game to play..but its certainly somewhat fun.

I think we're getting real close, within 1%.

a little more later...