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FTSE 100 (Intraday)
Posted On: Jul 28 2008 9:17AM ET / Jul 28 2008 1:17PM GMT
Last Price: 5347
 FTSE-100
No change.
The lack of solid upside action keeps all possibilities viable near current price levels. Yet, technicals suggest this slow start is only retesting technical trendline levels prior to another leg up. TP
Earlier, "Continue to watch for a third leg (a wave 'c' pattern) of a second wave correction to end sometime soon as the 5268-21 area is approached and for a third wave to begin heading higher thereafter. An alternate more bearish interpretation showing that an upward correction ended at 5465 would only be considered with a continued fall through 5221 and on toward the recent 5071 low." J Hunter
DAX (Intraday)
Posted On: Jul 28 2008 9:15AM ET / Jul 28 2008 1:15PM GMT
Last Price: 6439
DAX [September Futures]
With no definitive change to the wave strucutre the bullish call remains preferred at this time. TP
Previous, "The wave pattern is allowing for higher overall numbers. Technical indications are less forthcoming, although they are not clearly standing against the upward potential." TP
Stoxx 50 (Intraday)
Posted On: Jul 28 2008 9:13AM ET / Jul 28 2008 1:13PM GMT
Last Price: 3354
 EURO STOXX 50 [September Futures]
There remains no change to the present overall bullish view of the wave structure.
The preferred view continues to keep the overall focus up. TP
Previous, "The short-term view remains bullish but a possible expanded flat second wave correction may yet test a bit lower before an expected third wave climb can start. A more bearish alternate count showing that an upward three wave correction ended at 3432 would only be consideed if the 3231 level was penetrated." J Hunter
SMI (Intraday)
Posted On: Jul 28 2008 9:10AM ET / Jul 28 2008 1:10PM GMT
Last Price: 7022
Swiss Market Index
The marginal new low today off the recent peak suggests a five-wave decline. This is not conducive to the notion that a fourth-wave is unfolding, but rather that only wave-a of a larger degree corrective pattern is playing out. If this is indeed the case, then the immediate strength would likely unfold as a three-wave b-wave prior to another leg down in wave-c to end a larger degree second-wave. There are other ways to count this actions down from the peak, but they too point overall at least modestly lower before the larger uptrend from the low of the 16th resumes. TP
FTSE 100 (Intraday)
Posted On: Jul 28 2008 7:07AM ET / Jul 28 2008 11:07AM GMT
Last Price: 5332
FTSE-100
The lack of solid upside action keeps all possibilities viable near current price levels. Yet, technicals suggest this slow start is only retesting technical trendline levels prior to another leg up. TP
Earlier, "Continue to watch for a third leg (a wave 'c' pattern) of a second wave correction to end sometime soon as the 5268-21 area is approached and for a third wave to begin heading higher thereafter. An alternate more bearish interpretation showing that an upward correction ended at 5465 would only be considered with a continued fall through 5221 and on toward the recent 5071 low." J Hunter
DAX (Intraday)
Posted On: Jul 28 2008 7:01AM ET / Jul 28 2008 11:01AM GMT
Last Price: 6419
DAX [September Futures]
No change.
The deeper fade counts as only a three-wave event, keeping the potential of overall higher numbers still on the front burner. TP
Previous, "The wave pattern is allowing for higher overall numbers. Technical indications are less forthcoming, although they are not clearly standing against the upward potential." TP
FTSE 100 (Intraday)
Posted On: Jul 28 2008 6:19AM ET / Jul 28 2008 10:19AM GMT
Last Price: 5346
FTSE-100
Nothing new to report.
Still no change, as the anticipated low for this immediate pullback may already be in place. TP
Previous, "Continue to watch for a third leg (a wave 'c' pattern) of a second wave correction to end sometime soon as the 5268-21 area is approached and for a third wave to begin heading higher thereafter. An alternate more bearish interpretation showing that an upward correction ended at 5465 would only be considered with a continued fall through 5221 and on toward the recent 5071 low." J Hunter
Stoxx 50 (Intraday)
Posted On: Jul 28 2008 5:36AM ET / Jul 28 2008 9:36AM GMT
Last Price: 3345
EURO STOXX 50 [September Futures]
No change.
The preferred view continues to keep the overall focus up. TP
Previous, "The short-term view remains bullish but a possible expanded flat second wave correction may yet test a bit lower before an expected third wave climb can start. A more bearish alternate count showing that an upward three wave correction ended at 3432 would only be consideed if the 3231 level was penetrated." J Hunter
DAX (Intraday)
Posted On: Jul 28 2008 5:28AM ET / Jul 28 2008 9:28AM GMT
Last Price: 6435
DAX [September Futures]
The deeper fade counts as only a three-wave event, keeping the potential of overall higher numbers still on the front burner. TP
Previous, "The wave pattern is allowing for higher overall numbers. Technical indications are less forthcoming, although they are not clearly standing against the upward potential." TP
SMI (Intraday)
Posted On: Jul 28 2008 4:51AM ET / Jul 28 2008 8:51AM GMT
Last Price: 6999
Swiss Market Index
Another new low questions the internal count for a fourth-wave, but not the overall bullish tone. TP
Previous, "The wave picture remains bullish and the decline from 7150 is being regarded as a fourth wave correction that should end soon above 6921 (if it has not already done so) and step aside for a fifth wave rise. An alternate still bullish view with a second wave correction in motion here instead and would be considered if the price action managed to less expectedly penetrate 6821." J Hunter
FTSE 100 (Intraday)
Posted On: Jul 28 2008 4:09AM ET / Jul 28 2008 8:09AM GMT
Last Price: 5344
FTSE-100
Still no change, as the anticipated low for this immediate pullback may already be in place. TP
Previous, "Continue to watch for a third leg (a wave 'c' pattern) of a second wave correction to end sometime soon as the 5268-21 area is approached and for a third wave to begin heading higher thereafter. An alternate more bearish interpretation showing that an upward correction ended at 5465 would only be considered with a continued fall through 5221 and on toward the recent 5071 low." J Hunter
Stoxx 50 (Intraday)
Posted On: Jul 28 2008 2:49AM ET / Jul 28 2008 6:49AM GMT
Last Price: 3360
EURO STOXX 50 [September Futures]
The preferred view continues to keep the focus up. TP
Previous, "The short-term view remains bullish but a possible expanded flat second wave correction may yet test a bit lower before an expected third wave climb can start. A more bearish alternate count showing that an upward three wave correction ended at 3432 would only be consideed if the 3231 level was penetrated." J Hunter
DAX (Intraday)
Posted On: Jul 28 2008 2:45AM ET / Jul 28 2008 6:45AM GMT
Last Price: 6616
DAX [September Futures]
The wave pattern is allowing for higher overall numbers. Technical indications are less forthcoming, although they are not clearly standing against the upward potential. TP
FTSE 100 (Intraday)
Posted On: Jul 25 2008 9:18AM ET / Jul 25 2008 1:18PM GMT
Last Price: 5330
No change. Continue to watch for a third leg (a wave 'c' pattern) of a second wave correction to end sometime soon as the 5268-21 area is approached and for a third wave to begin heading higher thereafter. An alternate more bearish interpretation showing that an upward correction ended at 5465 would only be considered with a continued fall through 5221 and on toward the recent 5071 low. J Hunter
DAX (Intraday)
Posted On: Jul 25 2008 9:11AM ET / Jul 25 2008 1:11PM GMT
Last Price: 6431
Same view. Continue to look for a possible expanded flat second wave correction to perhaps test a little lower before encountering better support and yielding to an upward third wave advance. However, this still bullish short-term interpretation would come under scrutiny and an alternate more bearish corrective count would need to be considered if the price action also managed to drop under 6261. J Hunter
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