Intra-Update: Down But Not Out

UPDATE 10:49am EST: First up, we need to clean out any prevailing ‘recency bias’ out of you leeches, which is one of the deadly cognitive biases affecting even the best traders. Here is some therapy that will lift your spirits:

For the thick ones amongst you – the idea here is that we will prevail as we are stainless steel rats, turning adversity into advantage is our specialty. Think we’re down and out? Better use a stick to check if we’re still ticking. Getting your ass kicked every once in a while is the cost of doing business, and if you will that let discourage you then better start looking for a day job right now.

Secondly, watch the 879 pivot on the SPX – if that one breaches I think we are going down. However, looking at the tape right now, despite the Yen pushing up and the TNX clearly dropping I don’t see much weakness – there was a bit of a drop but we don’t want to jump in here in either direction before we see a clear signal. So wait for those pivots if you want to live.

I will post the daily retracement level chart when I’m done re-labeling it with an updated EWT count. Obviously things have shifted since yesterday’s ugly close.

On an up note: Go to GOOGLE (the website, not the chart, you dummies) and type in ‘speculator’ – lo and behold – we made it to page #1 – wohoooo!!! (throws 5 recyclable confetti attached to rubber bands).

UPDATE 2:17pm EST: Okay, sorry for the long period of silence but this took me a while:

It’s a little preview of the weekend update. I know this is messy but we’re in a messy spot and it’s extremely difficult to show all the possibilities open to us right now (and I even left one out). However, in the interim we seem to be predicated to move towards the upside. If we see a considerable drop the probabilities change again. I know the wave count won’t make sense to most non Elliotticians, but I heavily consulted with Berk on this and it’s the best we can come up with as of now.