So did C fat finger this selloff too?

Here is what I wrote about that matter yesterday

http://marketthoughtsandanalysis.blogspot.com/2010/05/wow.html#comment-48735014

I hear you man, what a bunch of total BS. The market was already selling off. I put up a count earlier today that showed mounting evidence for a selloff hours before this "goof": http://marketthoughtsandanalysis.blogspot.com/2...

That is just a bunch of idiot reporters trying to rationalize the fact that this market is just inherently untrustworthy at these valuations, and the smart money was leaving and the dumb money was saying "where did the smart money go". Simple herd behavior is a much more compelling explanation.

Wow (Make that Holy Schnikeys)

.... that's all I got

There is a word for days like today

What is it? ... oh yeah: fun

Building off count from earlier: 1-2 Heaven?

1-2 Heaven?

I am a bear at heart (I will even accept the term permabear). This count would make me very happy :)



[excerpt of conversation with creepy below. More explanation of why I posted this count] :

>>but very carefull with range 1153/1147...

I totally agree. There will be a strong bounce there if the market creeps up on it. But that is where this thought came from: What if the market wants to bust through it decisively?

It saved up a lot of bearish potential energy by not rushing down to 1150. The move is nowhere near oversold and down breadth is increasing. This is what had me more seriously pondering this count.

Slightly Less Boring Title #2

When I am less busy, I will return to coming up with funny (or at least not dull) titles. :(

Yesterday, here was my projection for a move down to 1160 from this post: Slightly Less Boring Title #1. We got the move to within 2 points of the 5th wave termination estimate (which is very reliable when you are in fact dealing with impulse waves. When these projections don't work, you shouldn't question the projection, you should question the assumption you are making that the wave you are counting is an impulse wave). The timing and relative size of wave 4 was also a pretty good estimate.

Here is the update. This is my current preferred count:



And the associated micro count:



AussieKen also put forth the interesting idea that this larger waveform could a leading diagonal at the Minute degree. I like the idea and find the impulsive, without clear extension, waveforms to be a good fit for that theory. Here is a possible take: