Elliott Wave Update ~ 5 June 2013

Take this squiggle count with a grain of salt. They never work out quite like you map them, however the gist of the chart suggests that prices need to go lower to finish out an overall (v) wave move lower.

Bigger picture weekly. We broke the parabolic arc, now watching some key trendlines.

BPSPX is kinda neat. Supports the notion of a giant double zigzag since the 2009 lows.

CPCE:

Via Sentiment Trader, today's Investor's Intelligence bearish percentage. The bigger picture suggests that there is a long way to go to get the bearish % high again. Also observe the symmetrical double zigzag mapping just like BPSPX above.