No confirmation of a bottom... yet.

We can get a completed count for the white (c) of circle iv, but the pattern would/would have look(ed) better with that famous "OML". Getting a (v) of (c) down to 2044 or even 2053 would have been far more ideal and can certainly still happen.

But based on the green alts for a bottom in place there is some gap risk in both directions here.

I do think we are close to a bottom that should provide a significant bounce back toward the 2100 region and likley to attempt new swing highs., but we are not out of the woods and this (v) of c could get extensions and morph back into the yellow larger A wave.

The issue as I have mentioned before and Mike_G mentioned earlier today is that the structure for both the white a and the yellow circle b can easily be the same (corrective). So we do nt have the ability to rely on getting a clean impulse...

VXX and TLT are also not much help today in giving us any clues. However baring a significant sustained break under 2044 I think the bais is still toward new swing highs later in July.

.INX - Alternate 2 - Jul-01 1540 PM (1 min)
.INX - Alternate 2 - Jul-01 1540 PM (1 min)
.INX - Primary Analysis - Jul-01 1552 PM (1 hour)
.INX - Primary Analysis - Jul-01 1552 PM (1 hour)
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