8/3 Daily Commentary

Either I counted correctly and the correction is for the advance since DJI cash 10,000 or I counted incorrectly and the correction is only for the advance since 10,394.  There is a big difference.  First the count assuming that the 5-wave is complete from DJI 10,000

Minuette5 is counted as complete.  The retracement would be expected to continue for another 200 points lower. 
There is, however, an ambiguity in the wave components of Minuette5.  If I made an error then Minuette5 would be incomplete  and only Sub-Minuette3 would be complete.  This count appears below (DJ futures this time).   The retracement would be from  10,345 this time, a much smaller retracement  Prices have so far corrected to 10,550, which is a 31% retracement.

Indeed, from the low made 10:10ET the count upward appears as a 5-wave and the correction of it that continued to the close appears as a 3-wave.

Here is the 30-minute M/A which was tapped twice today.  I held onto my long DJ futures because the second tap came near the close and near my stop-loss, close enough to cancel the stop-loss. 

My "budget" of time for the larger correction is 2 days.  The appropriate amount of time for the smaller correction has passed.  This is why I undertook a small long position early, as a hedge in case I was wrong on the count.  The stop is set to 10,564 with a buy-back at 10,551 and a stop of 10,534.  That's what I'm doing this evening.  Currently DJ futures are at 10,595.

Daily Technical Composite will be published later once all the stats are in.  I1 is up until 8/13.