09/01/10 Update

Today was a massive spike up. Basically a huge gap in the morning and it never looked back. That basically screwed up all the counts that are out there right now. Above is a relabel I did tonight. Now it is still possible that last nights count is still correct and we are ending a minuette (iv). How is that? Well it could be the ever elusive unicorn-like cousin of bigfoot expanding leading diagonal. Most forecasts have very high targets right now and have this as minute (ii) with at least a week of rise. I on the other hand think we only have as little as a day left potentially.
The close under the 20MA on the VIX leads me to believe we will have a trip to the lower BB before the upper one. How long that trip my last is still unknown. Time wise I am looking at 1-3 days.
BPSPX:CPC says stay short!. The massive spike up today was was not that large on this super sentiment indicator. Basically the MA's moved closer together today.

08/31/10 update

Looks like we are in wave (v) of minute [i]. Looks ok so far, tomorrow or thursday will be a big day. With yesterdays set up I expected a deep gap down at open, basically a gap below resistance. It did not play out as planned but we had a bit of a "flash" drop before recovering.
VIX retreated a little, but nothing to warrant a trip to the lower BB.
VIX:VXV ready to launch again.
A close up on the BPSPX:CPC. Shorting is still a good bet based on this chart.

08/30/10 update

The VIX daily bounced beautifully off the 20MA. It looks like it will push against the upper BB for a possible extended wave v.
VIX:VXV repositioned itself for launch again, moving above the red dotted line.
The BPSPX:CPC has curled over nicely on the 20MA. Everything is point to a move down over the next few weeks.

Short update as I don't have the use of my regular computer. Today was a little confusing as I thought we were in a B wave of minuette IV. But towards the end of the day the sell off started accelerating. Now its left till tomorrow to see what the true direction is. A gap down is not likely to be filled. Today's move down was on low volume, as we are in a down trend this signals continuation. Don't expect the move down to end until we have a high volume day.

08/27/10 Update

Sunday 9:40pm update: the VIX:VXV reset back to launch position. Futures are currently up. Market might be up for 1-2 days, but I would not count on it. If it is up, it is an opportune time to short.

12:40am sunday update. Green going to cross red from the bottom soon...

Wow that wave series ended quick today right after 10. So right now we are about at the top of where wave (iv) should be. The only issue is the size of the waves. There is no way to hit the minute [i] target if wave (v) will equal wave (i). So we are potentially looking at a possible extension of wave (v).
The VIX retraced to the 20MA which is the perfect launch point for wave 5's. Timewise I would think there is a need for more time in wave(iv), but some alternate counts have wave (iv) starting where I have wave iii marked above.
BPSPX:CPC 20MA has definitely curled over. The time to Short is now :)

08/26/10 Update

Subminuette iv shifted a little but today moved as expected. In fact the level that iv reached made more sense than what I had posted last night. I am only looking to around 103.5-103 as my target for (iii). Now if you are really staring hard, you might see an inverted head and shoulders formation with [4] as the left shoulder, [5] as the head and todays close as the right shoulder. If the inverted HS plays out...then iv becomes either a complex iv reaching higher or potentially its (iv) instead. Still looking for Minute[i]/minuette (v) to finish below 101.
Whats been interesting is that this whole move down from the top of minor 2 really has not move the VIX that much.
BPSPX:CPC is performing as expected signaling an early sell signal. The sell is not confirmed until the 20ma crossed the 50ma.