Thanks for the annotation on the 5 Minute TICK chart.  Just amazing the way that happens.  Magic fingers at work.  p.

On Tuesday morning at this time, the emini S&P 500 was around 30 points higher than where it is now, which placed the index above the 200 and 20 DMA's, a much stronger technical position. Now we notice that the e-SPU is attempting to tread water below all of its relevant trending moving averages -- the 20, 50 and 200 -- and the decline could be the formation of the "right shoulder" of a substantial 9-month head and shoulders top (see colored rectangles on the enclosed chart). If the e-SPU continues to weaken and violates multi-month support at 1037/32, then the significant downside potential of the top pattern will be triggered. That said, such an obvious topping pattern usually requires a few knee-jerk, whipsaw headfakes in the opposite direction to confuse the most investors and to make sure that when the top pattern finally breaks down it will actually seem like a complete surprise. If such a scenario is approaching, then we should expect possibly a couple of violent rallies that get everyone "twisted" into a positive frame of mind. From my technical perspective, the e-SPU needs to hold above 1070 to avert more immediate downside damage and to trigger near-term buying interest that can pop the index to 1100 or higher in the upcoming days. Without a doubt, the index is at a crossroads. We might know in a matter of hours if the "right shoulder" construction will be a "simple affair," as in straight down from current levels, or of a more complex nature that includes a couple of vicious short-covering rallies back towards the "yuan high." Right now, my near-term work is telling me to expect the latter, but to be prepared for the former. View the chart charts at http://www.mptrader.com/middayminute/

Stocks Fell Sharply Mid-day Thursday, June 24 ^th, as expected given the Elliott Wave labeling we showed in Wednesday's newsletter. It looks as if a five wave decline is completing from Monday's top, the first leg of the developing multi-week decline. Next should be a corrective bounce that lasts a few days, to be followed by more intense selling. The decline from Monday has taken away over 400 points from the Industrials.

Can I "open my eyes" yet?

Very nice.  Thanks guys.  p.

How nice to receive such a timely update!  p.

Hug your neck.  From Elise

My husband bought one last week supposedly for me.  I've had five minutes and this morning when making up the bed, found it "under his pillow".  Oh my.  p.

If we look at arguably the most constructive chart of all, Apple (AAPL), there is no evidence yet of a topping pattern, unlike in Ford (F), a stock we had liked for some time. In fact, all of the action in AAPL since Monday's new all-time high at 279.01 has the look of a high-level bullish consolidation-continuation pattern, which should resolve itself to the upside in a thrust to new highs. The chart projects into the 280-83 target zone, prior to a significant correction that points towards 240 and possibly 210/00. At this juncture, only a decline and close below 265 will indicate that a correction of significance is already in progress.

Briefly, the GET platform automatically computes the Elliott Wave counts based upon current price and will adjust those counts as needed.  Shorter term time frames, i.e., 5, 10 & 15, may certainly show different projections than a 60 or daily/weekly/monthly.  I deliberately picked these two different indexes as well as two different time frames because Steve and Matt have been showing the possibility of a bullish as well as bearish case scenario.  Hope this helps.  p.

From Kenny's blog, the Compq 20 MA is 2245 and 200 MA is at 2247.  Another place to look for a possible support/bounce. p.

For those of you who are enjoying TZA

(borrowed from David Fry.)

I'm holding some shorts but the issue is that this market is reminiscent of last year going higher on lousy volume and advance/decline numbers.  That tells me that the target is now 1136/1138 (that's my opinion) but maybe we get a decent pullback first.  Certainly am looking at those bear wedges. 

Tick Chart