Current Count

On Friday, I went back to my count from Thursday Morning: Some More Wave A Thoughts. I was also looking at slower indicators on Friday (the hourly and daily) in A Look at Some Indicators and SPY Price and Volume.

The reason why I still like this count:

1. NDX and COMPQ (the "leaders") made new highs on Aug 12. This (IMO) is the true end of Wave A
2. The overshoot on the SPX on the 7th was unconfirmed by NDX and COMPQ. I believe this is a B wave within Wave 4 (which are typically unconfirmed), driven mostly by finanicals
3. The hourly and daily indicators are rolling over in topping action. Now this can be a fakeout. They can "roll over" and simply consolidate. But the daily chart has some strong trend changes and negative divergences. I think we are correcting (probably only slightly) for a bit.